A.M. Best has assigned an initial rating of ‘A’ (Excellent) to Hannover Re subsidiary, Hannover Re (Bermuda) Ltd.
Commenting on the ratings, Best’s announcement said: “The rating reflects the company’s strong stand-alone capitalization and strategic role within the Hannover Re Group, Germany, as the center of excellence for its property catastrophe reinsurance business. The concentration of this expertise in one operation enables Hannover Re to exercise greater control over aggregates, apply disciplined and consistent underwriting guidelines, and develop improved modeling techniques.”
It also noted that “the company’s Bermuda domicile provides it with both regulatory and tax advantages, as well as access to this important reinsurance center for brokers and clients.”
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