DGAP-News: Hannover Re acquires reinsurance portfolio from Scottish Re
(firmenpresse) - DGAP-News: Hannover Rückversicherung AG / Key word(s): Miscellaneous
Hannover Re acquires reinsurance portfolio from Scottish Re
18.04.2011 / 14:30
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Hannover Re acquires reinsurance portfolio from Scottish Re
Hannover, 18 April 2011: Hannover Re has reached agreement with Scottish Re
(US) on the acquisition of a reinsurance portfolio as part of a
transaction.
The acquired portfolio covers the mortality risk under term life and
endowment policies that were reinsured by Scottish Re in the underwriting
years 2000 to 2003. The business is 100% assumed by Hannover Re with effect
from 1 January 2011.
The business is expected to generate an annual premium volume of around USD
80 million. Hannover Re is to assume the technical liabilities associated
with the portfolio and will in return receive the necessary assets from
Scottish Re.
'This transaction superbly complements our acquisition of the ING life
reinsurance portfolio in 2009 and further strengthens our traditional US
life business', Ulrich Wallin, Chief Executive Officer of Hannover Re,
emphasised.
The transaction, which is expected to close in May 2011, still requires
regulatory approval and is therefore subject to the customary reservations.
For further information please contact:
Corporate Communications:
Karl Steinle (tel. +49 511 5604-1500,
e-mail: karl.steinle(at)hannover-re.com)
Media Relations:
Gabriele Handrick (tel. +49 511 5604-1502,
e-mail: gabriele.handrick(at)hannover-re.com)
Investor Relations:
Klaus Paesler (tel. +49 511 5604-1736,
e-mail: klaus.paesler(at)hannover-re.com)
Please visit: www.hannover-re.com
Hannover Re, with a gross premium of around EUR 11 billion, is the
third-largest reinsurer in the world. It transacts all lines of non-life
and life and health reinsurance. It maintains business relations with more
than 5,000 insurance companies in about 150 countries. Its worldwide
network consists of more than 100 subsidiaries, branch and representative
offices on all five continents with a total staff of roughly 2,200. 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 'Excellent').
Disclaimer:
Some of the statements in this press release may be forward-looking
statements or statements of future expectations based on currently
available information. Such statements are naturally subject to risks and
uncertainties. Factors such as the development of general economic
conditions, future market conditions, unusual catastrophic loss events,
changes in the capital markets and other circumstances may cause the actual
events or results to be materially different from those anticipated by such
statements. Hannover Re does not make any representation or warranty,
express or implied, as to the accuracy, completeness or updated status of
such statements. Therefore, in no case whatsoever will Hannover Re and its
affiliate companies be liable to anyone for any decision made or action
taken in conjunction with the information and/or statements in this press
release or for any related damages.
End of Corporate News
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Language: English
Company: Hannover Rückversicherung AG
Karl-Wiechert-Allee 50
30625 Hannover
Deutschland
Phone: +49-(0)511-5604-1500
Fax: +49-(0)511-5604-1648
E-mail: info(at)hannover-re.com
Internet: www.hannover-re.com
ISIN: DE0008402215
WKN: 840 221
Listed: Regulierter Markt in Frankfurt (Prime Standard), Hannover;
Freiverkehr in Berlin, Düsseldorf, Hamburg, München,
Stuttgart; Terminbörse EUREX
End of News DGAP News-Service
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120406 18.04.2011
Datum: 18.04.2011 - 14:30 Uhr
Sprache: Deutsch
News-ID 33815
Anzahl Zeichen: 0
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Kategorie:
Business News
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"DGAP-News: Hannover Re acquires reinsurance portfolio from Scottish Re"
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