HANOVER, Germany May 10 Hannover Re,
the world's third-largest reinsurer, does not expect Britain's
departure from the European Union to have a dramatic impact on
its reinsurance business.
"We expect that even with a hard Brexit we will still be
able to underwrite our British business," Chief Executive
Officer Ulrich Wallin said on Wednesday at the company's annual
"We expect that Brexit will have no substantial influence on
the demand for reinsurance from primary insurance companies."
The German reinsurer operates a branch in Britain where it
underwrites property, casualty, life and health reinsurance.
Wallin said there was a chance in the event of a hard
Brexit, in which Britain loses full access to the EU common
market, that Hannover Re would have to capitalise its office in
Britain, just as it has done in Canada and Australia.
Hannover Re is the world's third-largest reinsurer after
Munich Re and Swiss Re.
(Reporting by Tom Sims; editing by David Clarke)