In a press release dated 28 December 2016 we announced that we had been given final approval to establish a branch in India. After Hannover Re received this approval from the Insurance Regulatory and Development Authority of India (IRDAI) in December 2016, an application was submitted to the Indian Registrar of Companies in January 2017 for registration of the Hannover Rück SE-India Branch with its registered office in Mumbai. The branch, which writes both property and casualty reinsurance – including agricultural risks – and life and health reinsurance, commenced its business operations on 1 February 2017.
On 2 December 2016 the rating agency Standard & Poor’s (S & P) downgraded South Africa’s local debt rating to BBB. Consequently, the ratings of our subsidiaries Hannover Reinsurance Africa Limited and Hannover Life Reassurance Africa Limited, both with their registered office in Johannesburg, were put on credit watch negative on 12 December 2016. In order to avert a possible downgrade, Hannover Rück SE (guarantor) furnished a guarantee for each of the companies effective 1 January 2017. The guarantees extend to all payment obligations of the companies arising out of the insurance and reinsurance contracts written by them. No conditions are attached to the guarantees, which are ongoing and binding upon the guarantor, and the commitments under the guarantees are equally ranked with all other unsecured liabilities of the guarantor. Upon recognition of the guarantees by S & P the negative credit watch was lifted on 8 February 2017 and both companies received the group rating (AA- / stable outlook).
Hannover, 7 March 2017