Germany’s Hannover Re announced the results of a survey, conducted by the U.S.-based Flaspöhler Research Group, that singled out the world’s fourth largest reinsurer as the best overall in the North American reinsurance market.
According to the bulletin “295 brokers participated in the survey, rating 29 reinsurers operating on the US market. Bearing in mind that North American reinsurance business is predominantly (68 percent) handled through brokers, the findings take on special significance.”
The company said it had been “expressly recommended as a reinsurer by 93.5 percent of the brokers who took part,” and noted that “particularly favorable reference was made to the good personal relationships with the underwriters in Hannover.”
It pointed out that this finding “is all the more remarkable given the fact that Hannover Re writes its North American business from its Hannover Home Office. Unlike the other reinsurers operating on the US market, the company does not have any local non-life offices that can cultivate business relationships. In terms of market know-how and client orientation too, geographical distance is quite obviously not a drawback for Hannover Re.”
The bulletin said the participating brokers in the Flaspöhler survey of the reinsurance market had rated Hannover Re as the best reinsurer in the following categories:
— Strongly recommended reinsurer
— Best lead reinsurer for the lines Casualty Working Layer, Casualty Excess and Casualty Clash
— Best lead reinsurer in the Property Pro Rata and Property Excess Per Risk categories on a combined basis
It also singled out as “special strengths” Hannover’s “good personal relationships with the underwriters, strong client orientation and responsive service.”
“The excellent overall rating is a special mark of distinction for Hannover Re, particularly in view of the fact that North America constitutes its largest single market – with gross premium of 1.8 billion euros [$2.2 billion] – in the property and casualty reinsurance business group. Accounting for 55 percent of total gross premium income across all business groups in 2003, North America is also Hannover Re’s most important market overall,” the announcement concluded.
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