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Hannover Re

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Hannover Rück SE
Company typePublic (Societas Europaea)
FWB: HNR1
FWB: HNRB (ADR)
OTC Pink Current: HVRRF
OTC Pink Current: HVRRY (ADR)
DAX component (HNR1)
ISINDE0008402215
US4106931052
IndustryInsurance services
Founded1966; 58 years ago (1966)
HeadquartersHannover, Germany
Key people
  • Jean-Jacques Henchoz (CEO)
  • Sven Althoff
  • Claude Chèvre
  • Clemens Jungsthöfel
  • Sharon Ooi
  • Michael Pickel
  • Silke Sehm
  • Thorsten Steinmann[1]
  • Klaus Miller (Until January 2025)[2]
  • Brona Magee (From January 2025)[2]
  • Michael Pickel
  • Torsten Leue (Chairman of the supervisory board)
ProductsReinsurance
Revenue€ 24.5 billion (Reinsurance revenue, 2023)[3]
Number of employees
3,756 [4]
Websitewww.hannover-re.com

Hannover Re (in German Hannover Rück) is a reinsurance company based in Hannover, Germany. It is the third-largest reinsurance group in the world, with a gross premium of around €33 billion. Founded in 1966, Hannover Re transacts all lines of property & casualty and life & health reinsurance and has a network of over 170 subsidiaries, branches and representative offices on all five continents with a total staff of more than 3,000. The Group's German business is written by the subsidiary E+S Rück.

History

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Hannover Re was founded on 6 June 1966.

In the 1970s, the company entered the US and Japanese markets. In 1981, the company made its first acquisition of a foreign insurance group – the Hollandia Group (now Hannover Re Group Africa). In 1990, the acquisition of Hamburger Internationale Rückversicherungs-AG followed.

In 1994, Hannover Re went public. In the same year, the company was the first reinsurer ever to securitise natural catastrophe risks for the capital market.

In 1996, Eisen und Stahl Rück was integrated into the Hannover Re Group. From then on, Hannover Re serves foreign insurance markets, while Eisen und Stahl Rück – now E+S Rück – takes responsibility for handling the German market.

As part of its increasingly international orientation, the legal form of the company was conversed to a Societas Europaea (European Company) in 2013. Hannover Re has since traded as Hannover Rück SE.

In 2019, Jean-Jacques Henchoz succeeded Ulrich Wallin as Chief Executive Officer of Hannover Re.[5]

Structure

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Hannover Re transacts reinsurance in the business groups Property & Casualty and Life & Health.

Property & Casualty: Hannover Re offers a comprehensive range of products in treaty and facultative reinsurance as well as in the area of structured reinsurance solutions.[6]

Life & Health: Hannover Re offers its customers worldwide reinsurance protection in all lines of life and health insurance. It supports clients with the financing of new business and financial optimisation and offers product partnerships for strategic market positioning.[7]

Share and shareholder

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The majority shareholder of Hannover Re is Talanx AG with 50.2% of the voting rights. The remaining shares are held by institutional or private investors. Shareholders include investors who pay particularly close attention to sustainability criteria.[8]

Leadership

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Members of the Executive Board:[9] Jean-Jacques Henchoz (CEO), Clemens Jungsthöfel (CFO), Sven Althoff (Property & Casualty reinsurance), Sharon Ooi (Property & Casualty reinsurance), Michael Pickel (Property & Casualty reinsurance), Silke Sehm (Property & Casualty reinsurance), Claude Chèvre (Life & Health reinsurance), Dr. Klaus Miller (Life & Health reinsurance).

Members of the Supervisory Board:[10] Torsten Leue (Chairman), Herbert K. Haas, Ilka Hundeshagen, Timo Kaufmann, Harald Kayser, Sibylle Kempff, Alena Kouba, Dr. Ursula Lipowsky, Dr. Michael Ollmann.

Locations

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Africa: Abidjan, Johannesburg The Americas: Bogotá, Denver, Hamilton, Itasca, Mexico City, Orlando, Rio de Janeiro, Toronto Asia: Hong Kong, Kuala Lumpur, Manama, Mumbai, Seoul, Shanghai, Taipei, Tokyo Australia: Sydney Europe: Dublin, Hannover, London, Madrid, Milan, Paris, Stockholm[11]

Hannover Re Foundation

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The Hannover Re Foundation was created to mark Hannover Re's 25th anniversary in 1991. Its focus was initially – and remains to this day – on supporting contemporary art and culture in the region, especially through the acquisition of artworks which are made available to the Sprengel Museum Hannover on permanent loan. It also lends its support to other cultural institutions based in the region, such as the Kunstverein Hannover, the Kestner Gesellschaft Hannover, the Museum Wilhelm Busch and the Art Museum of Celle. In 2022 the Foundation substantially expanded its self-defined mandate and amended its statutes. Since taking this step, it has extended its support for art and culture to also include projects relating to sustainability. The emphasis is on projects that – in the global context – promote environmental and climate protection, training and education, science and research as well as preventive protection against natural disasters. This also includes the goal of contributing to the creation of intragenerational justice and leaving behind a liveable world for future generations. Since 2023 the Hannover Re Foundation has additionally assumed responsibility for the "Masterclass Students" exhibition series, which was launched back in 2014 in cooperation with Braunschweig University of Art. Since 2023 the Hannover Re Foundation has its own webpage at https://foundation.hannover-re.com [12]

Hannover Rück SE additionally has its own corporate art collection.

[13]

References

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  1. ^ Jain, Saumya (2024-03-18). "Hannover Re adds Swiss Re's Steinmann to Executive Board to succeed Pickel - Reinsurance News". ReinsuranceNe.ws. Retrieved 2024-10-26.
  2. ^ a b Jain, Saumya (2024-08-12). "Brona Magee to succeed Klaus Miller on the Executive Board of Hannover Re - Reinsurance News". ReinsuranceNe.ws. Retrieved 2024-10-26.
  3. ^ "Corporate News - Annual Report 2023". Hannover Re. Retrieved 18 March 2024.
  4. ^ "Annual Report 2023" (PDF). Hannover Re. Retrieved 18 March 2024.
  5. ^ "History". Hannover Re. Retrieved 8 March 2022.
  6. ^ "Property & Casualty". Hannover Re. Retrieved 8 March 2022.
  7. ^ "Life & Health". Hannover Re. Retrieved 8 March 2022.
  8. ^ "Shareholder structure". Hannover Re. Retrieved 8 March 2022.
  9. ^ "Executive board". Hannover Re. Retrieved 8 March 2022.
  10. ^ "Supervisory Board: Competent management for long-term success". Hannover Re. Retrieved 2024-10-26.
  11. ^ "Our Offices". Hannover Re. Retrieved 8 March 2022.
  12. ^ "Foundation". Hannover Re. Retrieved 9 August 2023.
  13. ^ "Art Collection". Hannover Re. 16 April 2022. Retrieved 9 August 2023.
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