Hannover Re to focus on specialty lines in U.S.Germany's Hannover Re Hannover Re (FWB: HNRGn), in German Hannover Rückversicherung AG, with gross premium of around €9 billion in 2006, is one of the five largest reinsurance groups in the world. Its headquarters are in Hanover, Germany. said it plans to reorganize re·or·gan·ize v. re·or·gan·ized, re·or·gan·iz·ing, re·or·gan·iz·es v.tr. To organize again or anew. v.intr. To undergo or effect changes in organization. its operations in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , pulling out of some business areas there, including the commodity-like homeowners business in Florida. Among the planned changes, announced at an investors conference in Frankfurt, Germany, Hannover Re said its New York-based Clarendon Insurance Group will exit the Florida homeowners market to focus on niche markets such as specialty auto insurance, fine arts, mobile phones and workers' compensation workers' compensation, payment by employers for some part of the cost of injuries, or in some cases of occupational diseases, received by employees in the course of their work. . In 2004, Clarendon announced a net loss of 91.4 million euro (approximately US$109.5 million), compared with net income of 37.3 million euro a year earlier, following heavy losses from the four hurricanes that struck Florida in the third quarter. It was the first yearly net loss for Clarendon since it was acquired by Hannover Re in 1999. |
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