Toronto, Canada, September 12, 2012 – GlobalTrade Corporation (GTC) has announced today that Hannover Re, third-largest reinsurer in the world, has successfully implemented @GlobalTrade Standby LC Guarantee Issuance System for handling outgoing standby letters of credit globally. The system has been installed in Hannover Home Office and integrated with internal data base systems.
‘GTC’s product has convinced us by its completeness’ said, Gerhard Lubitz, General Manager Collateral Management, Hannover Re. ‘During installation phase and throughout the project customer service from GTC met our expectations at any time. Despite the fact that GTC is located in Canada and we are in Germany we felt that they were always next door,’ Lubitz added.
‘We are very pleased that a leader in the reinsurance industry has adopted our technology,’ said Jacob Katsman, GTC’s CEO. It is very satisfying to see that our products are useful not only to the traditional manufacturers and traders but also to insurance and reinsurance providers that use standby letters of credit and bank guarantees in their daily business.’
About Hannover Re
Hannover Re, with a gross premium of around EUR 12 billion, is the third-largest reinsurer in the world. It transacts all lines of non-life and life and health reinsurance and is present on all continents with around 2,200 staff. The rating agencies most relevant to the insurance industry have awarded Hannover Re very strong insurer financial strength ratings (Standard & Poor’s AA- “Very Strong” and A.M. Best A+ “Superior”).
About GTC
GlobalTrade Corporation (GTC) is a software developer and application service provider whose product solutions improve the world of trade finance and trade services. The @GlobalTrade systems help buyers, sellers, traders, and financial institutions communicate faster and more efficiently while reducing risk and improving monitoring and control. Their customers include both business enterprises that need consolidated access to multiple banks as well as financial institutions that require supply chain finance solutions to meet their clients’ needs. @GlobalTrade™ is a registered trademark of GlobalTrade Corporation. For more information please visit www.globaltradecorp.com
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