The Bank of New York has been selected by Hannover Rueckversicherung AG (Hannover Re) as successor depositary for its American depositary receipt (ADR) program. Each Hannover Re ADR represents one ordinary share of the company. The company’s ordinary shares trade on the Frankfurt Stock Exchange. The ADRs trade on the over-the-counter market under the symbol “HVRRY.
As stated by the company, Hannover Re, with gross premiums of EUR 12.5 billion, is one of the five largest reinsures in the world. It transacts all lines of property/casualty, life/health and financial/finite-risk reinsurance, as well as program business. Hannover Re maintains business relations with more than 2,000 insurance companies in over 100 countries, and its worldwide network consists of more than 100 subsidiaries, branch and representative offices in 19 countries.