View this article online: https://www.insurancejournal.com/news/international/2001/10/22/13213.htm
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.