Previously, shareholders had traditionally focused on keeping the costs of their own reinsurance low. For this reason, the company refrained from expanding its workforce with expensive specialists and instead relied on its existing resources, which enabled excellent cost ratios during the era of pure risk transfer, but during the phase of international business led to the risks associated with this international business being largely underestimated.

Investment in Know-How

With the strategic repositioning, one thing became clear: anyone wishing to provide highly specialised services to their clients must invest in the necessary know-how. And they must accept that the cost ratio would no longer remain as low as it had been in the early decades, when a mere handful of employees distributed reinsurance cover from Hamburg.

The targeted expansion of services also led to an increase in staff numbers. They rose from just 46 employees in 1996 to 70 in 2000.

More space to grow

The building on Roßstraße in Düsseldorf became too small. With remarkable foresight, the “Hansapark” property, located in Düsseldorf aswell, had already been acquired in 1992, initially as a partial stake. In 1998, it then passed fully into the ownership of Deutsche Rück and the Association of German Public Insurers. The conversion of the building began in mid-December 1998. It was gutted and redesigned. And at quite a pace.

At the beginning of July 1999, the Association and Deutsche Rück moved into the “Hansahaus” at Hansaallee 177.

After the leases with various external tenants had gradually been terminated, they were able to occupy the entire usable floor space of around 8,000 m² from January 2001 onwards.

Inner courtyard of the old building on the Hansaallee

Group photo of employees of Deutsche Rück and the Association of Public Insurers in front of the main entrance