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Latin America

Latin American markets have enjoyed very vigorous growth in recent years.
A key factor here, among others, was the increased need for raw materials – especially in emerging markets. In light of surging economic growth, demand for (re) insurance covers has continued to rise.

Hannover Re is well-positioned in Latin America and a market leader in some countries. The most important markets for our company are Brazil, Mexico, Argentina, Colombia, Venezuela and Ecuador.

Given the appeal of motor and casualty business we continued to expand our portfolio in these lines. Overall, prices in Latin America were stable or moved slightly higher.

In Brazil, where we have maintained a representative office since 2008, we operate as an “admitted reinsurer”. Competition is intensifying as further players enter the market. Reinsurers with excellent financial standing, such as Hannover Re, are nevertheless a highly valued partner – especially for casualty covers – and attractive business opportunities consequently opened up to us.

New supervisory regulations introduced in Argentina in the year under review placed limitations on the business opportunities available to foreign reinsurers that do not have a local branch. This means that from 2012 onwards companies such as Hannover Re are only able to assume retrocessions, in other words coverages for local reinsurers.

In most markets we again accomplished our goal of boosting our premium income from Latin America in the 2011 financial year. The premium volume for our total portfolio in Latin America increased. In contrast to the previous year, we did not incur any major losses and the loss ratio therefore improved appreciably. All in all, we are thoroughly satisfied with the development of our business in Latin America.

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