News Releases
[ Published 24th January 2012 ]
Inter Hannover's One Roof Initiative
Inter Hannover has announced an important new strategic step in its evolution – the ‘One Roof Initiative’. The Company intends to centralise all of its UK operations into a single City-based office, giving an improved communication environment for all staff and delivering an enhanced corporate focus and improved service for its clients.
Nick Parr, Managing Director of Inter Hannover said: “This step re-affirms Inter Hannover’s commitment to the London Market by making sure that our specialists are accessible in the best way at all times, and able to link expertise to always offer responsive insurance solutions. There will be a gradual transfer of functions to the One Roof in order to ensure a safe transition with no service interruption.”
Juergen Graeber, Chairman of Inter Hannover and Member of the Executive Board of Hannover Re, said: “Hannover Re is fully supporting, and engaged in assisting the Inter Hannover management team in delivering the transition in the quickest time safely possible. The business model of Inter Hannover, i.e. its Single Risk and MGA Agency underwriting, will not be changed in any way as a result of the organisational changes associated with centralising its operations.”
Inter Hannover is an important source of strategic primary business for the Hannover Re Group. The structure of Inter Hannover as a 100% owned subsidiary undertaking of Hannover Re will be unaffected by the One Roof Initiative.
Notes to Editors:
For further information contact Alison Smith, Marketing Communications Manager, alison.smith@inter-hannover.com, Tel: +44 1344 397600.
[ Published 5th January 2012 ]
Inter Hannover's new Chief Underwriting Officer
Inter Hannover has strengthened its Management Team with the appointed of Ralph Beutter as Chief Underwriting Officer and member of the Executive Board, with effect from 1st January 2012.
Ralph's duties will overarch both the Single Risk and Agency portfolios. Ralph has very relevant experience in underwriting and developing business opportunities and competencies in both portfolios and Inter Hannover anticipates significant benefits from the co-ordination and underwriting skills that he will bring to the underwriting teams. These benefits will include the effective interaction between Inter Hannover and Hannover Re to preserve and improve the response rate to clients.
Starting his career with HDI in Germany back in 1987 on the direct insurance side, Ralph spent more than 17 years working in the facultative Division at Hannover Re dealing with essentially all Lines of Business (apart from Space & Aviation). For the last 10 years Ralph dealt both with Single Risk and Agency Business in his managerial role heading up one of the Hannover Re facultative departments.
The Inter Hannover Executive Board is looking forward to working with Ralph in the important next phase of business development.
[ Published 15th December 2011 ]
A.M. Best Affirms Ratings of International Insurance Company of Hannover Limited
OLDWICK, N.J., DECEMBER 15, 2011
A.M. Best Europe – Rating Services Limited has affirmed the financial strength rating (FSR) of A (Excellent) and the issuer credit rating (ICR) of "a+" of International Insurance Company of Hannover Limited (Inter Hannover) (United Kingdom). The outlook for both ratings remains positive.
The positive outlook for Inter Hannover reflects the positive outlook on the ratings of its parent company, Hannover Rueckversicherung AG (Hannover Re). Inter Hannover remains important to its parent as a source of primary insurance business. In addition, the company benefits from explicit parental support in the form of quota share reinsurance of both its single risk and agency business.
The ratings also reflect Inter Hannover's stand-alone risk-adjusted capitalisation, which is expected to remain excellent, supported by premium retention of below 10%. In the past, Inter Hannover has had to strengthen the reserves associated with the run-off of a number of its poorly performing agency accounts. However, the conclusion in October 2011 of a part VII transfer to a third party of the liabilities of these run-off accounts has eliminated further capital strain to Inter Hannover from this source. These liabilities were reinsured to third parties in 2010, before being transferred in 2011.
A positive, albeit lower, pre tax profit is expected in 2011 (2010: GBP 15 million, excluding the impact of the reinsurance of run-off accounts). In spite of the weaker performance of a number of agency accounts, the combined ratio is likely to remain low, supported by commission income from Hannover Re on ceded business. Income from the company's conservative investment portfolio is expected to decline, reflecting a reduction in invested assets following the part VII transfer and the lower interest rate environment.
Inter Hannover's business profile benefits from its links with Hannover Re, and integration between the business units of the two entities continues to increase. Inter Hannover writes large commercial single risks through its London and Scandinavian branches as well as agency business, which is focused on small commercial and personal lines business written primarily through European agencies and brokers. In 2011, gross premium growth is expected to emanate from agency business and the development of classes within the single risk portfolio. Substantially all single risk business and a large proportion of agency business is ceded to Hannover Re.
The principal methodology used in determining these ratings is Best's Credit Rating Methodology -- Global Life and Non-Life Insurance Edition, which provides a comprehensive explanation of A.M. Best's rating process and highlights the different rating criteria employed. Additional key criteria utilised include: "Risk Management and the Rating Process for Insurance Companies"; "Rating Members of Insurance Groups"; "Natural Catastrophe Stress Test Methodology"; "Understanding Universal BCAR"; and "Understanding BCAR for Property/Casualty Insurers". Methodologies can be found at www.ambest.com/ratings/methodology.
For full details please visit: www.ambest.com
[ Published 1st December 2011 ]
Inter Hannover's new Chief Financial Officer
Inter Hannover has appointed Richard Boddy as Chief Financial Officer and member of the Executive Board, with effect from 1st December 2011, subject to regulatory approval.
Starting his career with PWC, after qualifying as a Chartered Accountant, Richard spent over 10 years working in Investment Banking in London across Finance in both line accounting, reporting and project roles before switching to the insurance industry firstly with Aviva and then since 2005 at AXA Insurance.
At AXA, Richard worked in the UK and across continental Europe for four years before joining AXA-Gulf as the Regional Head of Strategy and Reporting, based in Bahrain, where he built the Strategic Plan for the organisation, implemented a new Management Information System, and led the Reporting function.
During Inter Hannover’s current phase of change, Richard’s experience in leading Finance along the transformation journey will be particularly welcome on the Company’s Executive Board.
[ Published 18th August 2011 ]
CGI sells a share of its subsidiary MGA to Hannover Re
BRADFORD, 18th August 2011 – Congregational & General Insurance (CGI) has sold a majority share of its subsidiary MGA, Integra Insurance Solutions Ltd, to the Hannover Re Group. FSA Approval for the transaction has been granted.
The announcement follows the decision by CGI to seek to grow Integra’s share of the intermediary Home market to £100m in the next 5 years.
Commenting, Carlo Cavaliere, CGI Chief Executive, said: “We have a solid, longstanding relationship with the Hannover Re Group, embracing reinsurance and, since its launch early last year, the underwriting capital for Integra.
The investment truly cements our strong relationship, which already brings together our underwriting and distribution expertise with Hannover Re’s AA- rated capital.
Integra will continue to be managed and serviced by CGI under the existing services agreement.
CGl will remain under the sole ownership of the Congregational & General Charitable Trust and will be strengthening its position as a specialist Church insurer.”
Juergen Graeber, Member of the Executive Board of Hannover Re, said: “We are delighted to have secured the investment in Integra, which will enable us to underwrite a significant share of profitable Home business and also to develop new initiatives with our partners at Congregational.”
Notes to Editors:
For further information or interviews with Congregational Insurance contact Adrian Johnson adrian@umpf.co.uk or Jonathan Priestley jon@umpf.co.uk in the Congregational press office on 0800 4 10 20 10.
About Congregational & General Insurance plc
- Congregational & General Insurance (C&GI) is one of the country’s most respected insurers of homes and churches facilitating the coverage of over £40 billion of homeowners assets and almost £5 billion of church assets throughout the UK. More information is available at www.congregational.co.uk.
- Based in Bradford, C&GI is wholly-owned by the Congregational & General Charitable Trust which to date has received over £6million for disbursement through grant application to churches and other worthy causes.
- Integra Insurance Solutions Ltd began trading in May 2010 for further details please visit www.integra-ins.co.uk.
About Hannover Re
Hannover Re, with a gross premium of around EUR 11 billion, is the third-largest reinsurer in the world. It transacts all lines of non-life and life and health reinsurance and is present on all continents with around 2,200 staff. 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").
[ Published 21st March 2011 ]
Energi's Solar Installation Performance Warranty: new program to mitigate risk on commercial solar projects
PEABODY, Massachusetts, USA, 21st March 2011 – Energi announced today it has officially launched its “Solar Installation Performance Warranty,” an innovative cover to insure against lost revenue from a solar array in the event that a solar contractor’s design or installation causes reduced output. The Solar Installation Performance Warranty is purchased by the contractor and will provide project owners, developers and lenders additional security for the electricity and Solar Renewable Energy Credit (SREC) revenue generated from commercial solar installations. The cover also allows solar contractors to avoid posting balance sheet liabilities for performance guarantee obligations. Coverage is available for US-based solar contractors following best practices and will be underwritten through International Insurance Company of Hannover Limited, an operating insurance company of Hannover Re.
Energi’s Director of Alternative Energy Solutions Angela Ferrante describes the Program’s key benefits, “This performance warranty coverage aligns with project owner interests to protect the solar array’s electricity, Solar Renewable Energy Credit and rebate revenue. This Program improves the bankability of commercial solar projects and mitigates risk to all parties.”
Ralph Beutter, General Manager North American P&C, Multinational & Special Lines at Hannover Re, explains the motivation behind the warranty, “We’ve collaborated with solar project owners and have customized the program to satisfy their need for a stronger backstop on the guaranteed amount of solar energy produced. Our aim with the Solar Installation Performance Warranty is to support the growth and development of alternative energy and solidify ourselves as a leading provider of risk management solutions for the solar industry.”
Energi Programs are offered directly or through a select network of independent insurance agents and brokers, and is available in all 50 states. Contact Angela Ferrante or Kevin Kaminski at +1 (978) 531 1822 or visit www.energi.com
Notes to Editors:
Energi Holdings, Inc. is a Delaware based holding company that provides specialized insurance and risk management solutions to energy firms engaged in targeted market segments, through a wholly owned subsidiary Energi Insurance Services, Inc., (a Massachusetts Insurance Brokerage & Program Administration Company). Founded in 2005 by leading insurance professionals and energy industry leaders, Energi is licensed in all 50 states.
[ Published 22nd December 2010 ]
A.M. Best Revises Outlook to Positive and Affirms Ratings of International Insurance Company of Hannover Limited
LONDON, 22nd December 2010 – A.M. Best Europe – Rating Services Limited has revised the outlook to positive from stable and affirmed the financial strength rating (FSR) of A (Excellent) and the issuer credit rating (ICR) of “a+” of International Insurance Company of Hannover Limited (Inter Hannover) (United Kingdom).
The outlook has been changed to reflect the positive outlook on the ratings of Inter Hannover’s parent company, Hannover Rueckversicherung AG (Hannover Re). The ratings reflect Inter Hannover’s importance to its parent as a source of primary insurance business. In addition, the company benefits from explicit parental support in the form of quota share reinsurance of both its single risk and delegated authority business.
The ratings also reflect Inter Hannover’s stand-alone risk-adjusted capitalisation, which is expected to remain strong. Further development of Inter Hannover's single risk portfolio, as well as the addition of a number of new agency agreements, is expected to lead to a significant increase in gross premium in 2010. However a large proportion of this business is ceded to Hannover Re.
Pre tax profit is expected to improve in 2010, due in part to an increase in net premium income. In spite of reserve strengthening for delegated authority business, the combined ratio is likely to remain low, supported by commission income from Hannover Re on ceded business. Income from the company’s conservative investment portfolio is likely to be modest, reflecting the low interest rate environment.
Inter Hannover’s business profile benefits from its links with Hannover Re, and integration between the business units of the two entities continues to increase. Inter Hannover writes large commercial single risks through its London and Scandinavian branches, as well as delegated authority business, which is focused on small commercial and personal lines business written primarily through European agencies and brokers.
The principal methodology used in determining these ratings is Best’s Credit Rating Methodology -- Global Life and Non-Life Insurance Edition, which provides a comprehensive explanation of A.M. Best’s rating process and highlights the different rating criteria employed. Additional key criteria utilised include: “Risk Management and the Rating Process for Insurance Companies”; “Natural Catastrophe Stress Test Methodology”; “Understanding Universal BCAR”; and “Understanding BCAR for Property/Casualty Insurers”. Methodologies can be found at www.ambest.com/ratings/methodology/.
In accordance with Regulation (EC) No. 1060/2009, the following is a link to required disclosures: A.M. Best Europe - Rating Services Limited Supplementary Disclosure.
A.M. Best Europe – Rating Services Limited is a subsidiary of A.M. Best Company. Founded in 1899, A.M. Best Company is the world's oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.
Copyright © 2010 by A.M. Best Company, Inc. ALL RIGHTS RESERVED.
CONTACTS:
Sam Dobbyn; Senior Financial Analyst; +(44) 20 7397 0264; sam.dobbyn@ambest.com
Catherine Thomas; Managing Senior Financial Analyst; +(44) 20 7397 0281; catherine.thomas@ambest.com
Rachelle Morrow; Senior Manager, Public Relations; +(1) 908 439 2200, ext. 5378; rachelle.morrow@ambest.com
Jim Peavy; Assistant Vice President, Public Relations; +(1) 908 439 2200, ext. 5644; james.peavy@ambest.com
[ Published 15th November 2010 ]
Inter Hannover's new Chief Operating Officer
LONDON, 15th November 2010 – Inter Hannover has recruited Tony Chapman to the new role of Chief Operating Officer. Bringing a strong financial and commercial background, Tony has a wealth of experience in business operations, with his last 10 years covering the roles of Chief Financial Officer, Chief Operating Officer and Managing Director of the UK Life Branch of Munich Re.
As Chief Operating Officer of Inter Hannover, Tony will be responsible for the management and control of operational functions across the business and will actively develop the business strategy with a focus on operational systems, processes and procedures. Joining on 18th November, Tony will split his time between the Company’s Bracknell Registered office and the new London office at 10 Fenchurch Street.
[ Published 11th November 2010 ]
Inter Hannover London office expands
LONDON, 11th November 2010 – Inter Hannover is delighted to announce that our London office is relocating to larger premises. From Monday 29th November we will be at 10 Fenchurch Street, London, EC3M 3BE. We look forward to welcoming you to our new office. (NB: our Registered Office remains at 1 Arlington Square, Bracknell, RG12 1WA.)
[ Published 15th January 2010 ]
Workshop: The Insurance Industry listens to SMEs
On 9th and 10th February 2010, Inter Hannover and Hannover Re are hosting a unique workshop entitled ‘The Insurance Industry listens to SMEs’, which will bring together SMEs, Insurance Agents, Industry Experts, and Inter Hannover and Hannover Re staff.
The aim is to investigate the key challenges and risks facing Small and Medium-sized Enterprises (SMEs), look at how the insurance industry currently helps their businesses, and then explore how insurance products, methods of supply, and customer service provided can be re-invented to better help SMEs survive and grow through difficult economic times ahead.
The workshop will be led by Dr Reinhold Rapp (Visiting Professor for Relationship Marketing at Cranfield University), and will make use of the relationship model ‘Rule of 20’ (developed by Dr Rapp) and the ‘Blue Ocean Strategy’ model (put forward by INSEAD professors Chan-Kim and Reneé Mauborgne).
[ Published 25th August 2009 ]
Inter Hannover announced as new title insurance provider for London & European
London & European announces Hannover Re subsidiary Inter Hannover as its exclusive provider of title insurance in a deal that will enable London & European to maintain its position as the leading provider of title insurance solutions in the UK today.
Following an MBO of London & European earlier in the year, CEO Christopher Taylor has looked to the market for a new partner to underwrite its title insurance business and is delighted to have signed the four-year rolling contract with Inter Hannover. Under the terms of the agreement London & European has been granted a comprehensive delegated authority.
London & European has negotiated several improvements to the cover provided over and above its unique six-month ‘cure or pay’ guarantee. This has resulted in an easy-to-understand title insurance policy that provides clarity of cover and the enhanced protection that mortgage lenders are demanding as risk management dominates their board agendas.
Hannover Re is one of the leading reinsurance groups in the world. Its wholly owned subsidiary, Inter Hannover, is registered in the UK and specialises in writing primary insurance business via MGAs, and provides the security and protection of an S&P 'AA-' and A.M. Best ‘A’ rated global insurance provider.
Nick Parr, Managing Director, Inter Hannover is excited about the deal: “This agreement adds another rich seam of specialist business to our portfolio. Our strategy is always to look for lines of business outside the mainstream where we feel there is a market opportunity, and title insurance fits perfectly. In London & European we have a partner which is an established authority in the field and has a solid book of existing clients as well as a healthy appetite to grow profitably. We look forward to a long and fruitful relationship with them.”
Christopher Taylor believes there are real synergies between the two companies: “Inter Hannover is an entrepreneurial business which has the ability to spot an opportunity in a specialist sector and the vision to realise its potential. It’s no secret that the property market is depressed at the moment, but title insurance is an important tool in mitigating risk and can actually help ease lenders capital adequacy requirements. Inter Hannover takes a non-conservative attitude to recognise the potential in the current climate and appreciates the benefits that a longer term approach to the sector can bring. We are delighted to be working with Inter Hannover and to bringing their stability and security to our clients.”
[ Published 20th February 2009 ]
Inter Hannover's new Managing Director
Hannover Re Group has appointed Nick Parr as Managing Director of its UK insurance subsidiary Inter Hannover effective 1 January 2009. He assumes responsibility from Michael Wennin. After four years with Inter Hannover Michael returns to Head Office to head up a new Facultative Department and will act in this position as a conduit to further develop Inter Hannover’s business within the Group.
Nick, who joined Inter Hannover in September 2008, was formerly CEO of Munich Re subsidiary Great Lakes UK and with over 33 years industry experience looks to develop this special purpose vehicle to further enhance the Group strategy.
The recent Standard and Poor’s upgrade to the Group AA- financial rating further strengthens Inter Hannover’s position as a core Group company. Reaffirming it as a stable and secure partner for its clients.