With gross premium of more than EUR 19 billion we are the third-largest reinsurer in the world. We transact all lines of property & casualty and life & health reinsurance and are present on all continents with 3,317 staff (valid: 31 December 2018). Established in 1966, our Group today has a network of more than 100 subsidiaries, branches and representative offices worldwide. In addition to the Home Office in Hannover with 1,434 employees (43% of the workforce), our major locations are in South Africa (479 employees; 14.4%), the United Kingdom (371 employees; 11.2%), the United States (293 employees; 8.8%) and Sweden (227 employees; 6.8%). Our subsidiary E+S Rückversicherung AG (E+S Rück) transacts the Group's German business.
Material changes in our Group structure are described in the Group Annual Report 2018 (notes 4.3-4.5). These include the major acquisitions and new formations, disposals and retirements as well as other corporate changes.
A complete list of our shareholdings is provided on page 186 et seq. of the notes to the Group Annual Report 2018. The addresses of the Hannover Re Group's international locations are to be found in the section Sites Global presence.
Hannover Rück SE is a European Company, Societas Europaea (SE), and is listed in the Prime Standard of the German stock exchange. The long-standing principal shareholder of our company is Talanx AG, which is majority-owned by Haftpflichtverband der Deutschen Industrie V.a.G. (HDI). As a mutual insurance company, HDI's focus on long-term corporate success plays a positive part in sustainable value creation.
The rating agencies most relevant to the insurance industry have awarded both Hannover Re and E+S Rück very good financial strength ratings: Standard & Poor's AA- "Very Strong" and A.M. Best A+ "Superior". Along with our excellent financial strength ratings, our high degree of diversification, balanced risk management and comparatively low administrative expense ratio by industry standards all play a part in our enduring success.