Hannover Life Re – expanding the international network
The operating units of Hannover Life Re are active at more than twenty locations on all five continents in order to offer our clients optimal local service. We operate as a decentralised network through our subsidiaries, branches and service offices. This organisation safeguards the rapid and efficient transfer of knowledge in the interests of our clients at all times and all around the world.
Eight licensed life reinsurers (business centres) of Hannover Life Re serve as the nodes of our network; their shares of total gross premium income are set out below.
Along with Hannover Life Re Bermuda, which is reporting on a full financial year for the first time after receiving its licence in October 2007, our new branches in Shanghai and Seoul commenced their operational activities; in the second half of 2008 we also established a service company in Mumbai - concentrating on life and facultative non-life business - to serve the Indian market.
Percentage breakdown of gross premium by business centers (before consolidation)
With a view to the further cultivation of this vital threshold market we were able to agree upon a strategic partnership with the leading Indian reinsurer GIC Re; this was cemented in June 2008 with the official signing of the cooperation agreement in Mumbai. We also established a service company in Rio de Janeiro in the middle of the year under review, thereby completing our entry into the Brazilian life market.
In 2008 we once again devoted special attention to extending our presence in the Islamic life insurance market, which we support principally through our Bahrain-based subsidiary Hannover ReTakaful. With an eye to the group business that traditionally predominates in the Islamic and Arab markets we substantially boosted our personnel resources at this location in the fields of actuarial marketing and product development.
Demand for financial reinsurance solutions rose steadily in the course of the year under review – the worldwide crisis on financial markets has damaged the solvency and risk-carrying capacity of life insurers in many countries. Against this backdrop the focus has moved back to the reinsurance market as a partner, especially as solutions designed for the capital market (securitisations) have proven to be extremely challenging. We made the most of this situation and completed several significant transactions of this type in the second half of 2008; these will make themselves felt to positive effect in the statement of income from 2009 onwards.