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The sinking of the Deepwater Horizon drill rig in the Gulf of Mexico will create a EUR40 million ($52.8 million) loss for German reinsurer Hannover Re, the firm said.

The drilling rig Deepwater Horizon that sank in the Gulf of Mexico last week after an explosion will result in a major loss for Hannover Re, the company announced today.

Hannover Re Group reported net income rose substantially for 2009, up EUR858 million ($1.17 billion at the current exchange rate) compared to a loss for 2008.

Everest Re Group, Ltd. said its preliminary loss estimate for exposures relating to the Chile earthquake is $225 million and Hannover Re Group said its quake losses stand at $253 million.

Hannover Re announced it has received approval to open a branch in Shanghai for non-life reinsurance as it expands operations in China.

Hannover Re reported second quarter net income of EUR202.9 million ($291.1 million at current exchange rate), an over 100 percent increase compared to 2008 net income for the period of EUR100.8 million ($144.6 million).

Hannover Re Group said Chief Executive Officer Wilhelm Zeller, after leading the company for more than 13 years, has retired as planned.

Hannover Re reported a net loss of EUR126 million ($162 million U.S. at the current exchange rate) for 2008 primarily from investment losses for the year, but all of the loss came from the first three