Hannover Re, the world’s 5th largest reinsurance group, announced Friday that it would not pay a dividend to shareholders this year due to the losses it expects from the attacks on the World Trade Center.
The company has estimated it will pay claims totaling €400 million ($360 million), net of reinsurance, about equal to its expected net profits, and has been placed on CreditWatch by Standard & Poor’s. Analysts saw the decision as a move to insure that Hannover keeps its current ‘AA+’ rating.
Was this article valuable?
Here are more articles you may enjoy.
Navigators Can’t Parse ‘Additional Insured’ Policy Wording in Georgia Explosion Case 
Bumble, Panera Bread, CrunchBase, Match Hit by Cyberattacks 
Hot Sauce Company Sues Manufacturer Over Exploding Bottles 
Grandson Not Covered Under Grandma’s Home Insurance 
