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.
Homeowners Insurance Market Reaches ‘Fragmented Phase,’ Says S&P GMI 
US Climate Prediction Center Sees 69% Chance of Historic El Niño 
Seven People Charged in $100M Workers’ Compensation Fraud Operation in Florida 
Allstate Introduces Large Language Model, ALLIE 
