Hannover ReTakaful wins "MEIF Innovation Award 2007"

Thursday, 10. May 2007 11:00



Hannover ReTakaful wins "MEIF Innovation Award 2007"

Hannover, 10 May 2007: Hannover ReTakaful B.S.C. (c) - a wholly-owned
subsidiary of Hannover Re based in Manama, Bahrain - this week
received the 2007 Innovation Award of the Middle East Insurance Forum
(MEIF) in the category of "International Re-Takaful" company. The
distinction, awarded by the MEIF with the backing of the Central Bank
of Bahrain (CBB), recognises the establishment of Hannover ReTakaful
as the first entry by an international operator into this region's
Retakaful market.

Mahomed Akoob, Chief Executive Officer of Hannover ReTakaful,
accepted the award from the governor of the CBB, Rasheed Mohammed Al
Maraj, as part of a ceremony at the 4th Annual Middle East Insurance
Forum in Bahrain: "Hannover Re's entry marks a significant step in
the development of the local insurance market and will have positive
reverberations throughout the region", the CBB governor noted with
confidence. The more than 100 Takaful insurers in 20 countries are
currently able to obtain professional protection from only a few
Sharia-compliant reinsurers offering comparatively modest
underwriting capacity.

With the establishment of Hannover ReTakaful in December 2006
Hannover Re was the first of the major western reinsurance groups to
devote itself to the emerging Islamic insurance market with its own
exclusive subsidiary. Hannover ReTakaful writes reinsurance worldwide
and across all lines in conformity with Islamic law. For 2007
Hannover Re expects its global Retakaful business to generate a
premium volume of some USD 20 million.



For further information please contact:

Press and Public Relations / Investor Relations:
Stefan Schulz (tel. +49 / 511 / 56 04-15 00,
e-mail: stefan.schulz@hannover-re.com)

Press and Public Relations:
Gabriele Handrick (tel. +49 / 511 / 56 04-15 02,
e-mail: gabriele.handrick@hannover-re.com)

Investor Relations:
Gabriele Bödeker (tel. +49 / 511 / 56 04-17 36,
e-mail: gabriele.boedeker@hannover-re.com)


Hannover Re, with a gross premium of around 9 billion euro, is one of
the leading reinsurance groups in the world. It transacts all lines
of non-life and life and health reinsurance. It maintains business
relations with more than 5,000 insurance companies in about 150
countries. Its worldwide network consists of more than 100
subsidiaries, branch and representative offices in around 20
countries with a total staff of roughly 2,000. The rating agencies
most relevant to the insurance industry have awarded Hannover Re very
strong insurer financial strength ratings (Standard & Poor's AA-
"Very Strong" and A.M. Best A "Excellent").


Disclaimer:
Some of the statements in this press release may be forward-looking
statements or statements of future expectations based on currently
available information. Such statements are naturally subject to risks
and uncertainties. Factors such as the development of general
economic conditions, future market conditions, unusual catastrophic
loss events, changes in the capital markets and other circumstances
may cause the actual events or results to be materially different
from those anticipated by such statements. Hannover Re does not make
any representation or warranty, express or implied, as to the
accuracy, completeness or updated status of such statements.
Therefore, in no case whatsoever will Hannover Re and its affiliate
companies be liable to anyone for any decision made or action taken
in conjunction with the information and/or statements in this press
release or for any related damages.



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Author:
Hugin
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