Hannover Re Africa Gets A Rating

December 25 - Earlier this year, Hannover Life Re Africa, the African life reinsurance arm of the Hannover Group, receive A (stable) rating.

This week it was confirmed by Standard & Poor that the group's Hannover Re Africa also received A rating.

"The ratings on South Africa based reinsurer Hannover Reinsurance Africa Ltd (Hannover Re Africa) reflect the company's strong capitalization and good operations performance," said Standard & Poor.

The group also said that "Hannover Re Africa is one of the major reinsurers in the South African reinsurance market, although it is small in size in global terms."

Standard & Poor also noted Hannover Re Africa's consistent track record, as well as the ability of its Enterprise Risk Management to handle potential risks.

The Managing Director of Hannover Re Africa, Randolph Moses said: "We are very pleased to be based in South Africa, offering local knowledge and offering internationally recognized excellent quality capacity."

Hannover Reinsurance Group is one the leading reinsurance groups in the world.

It has established business relations with over 5000 insurance companies in over 150 countries from around the globe, across five continents.

Established in 1996, Hannover Re's written premium grew to a staggering €8.2 billion in 2008.