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Daily Insurance Industry News
Monday 19th of February 2018
April 19, 2011

Hannover Re strengthens US life business

by Gill Montia

Story link: Hannover Re strengthens US life business

Hannover Re has reached agreement with Bermuda-based Scottish Re on the acquisition of a reinsurance portfolio covering the mortality risk under term life and endowment policies that were reinsured by Scottish Re in the underwriting years 2000 to 2003.

The business, which is expected to generate an annual premium volume of around $80 million, is to be 100% assumed by the world’s third-largest reinsurer with effect from 1st January 2011.

Hannover Re’s chief executive officer, Ulrich Wallin, comments: “This transaction superbly complements our acquisition of the ING life reinsurance portfolio in 2009 and further strengthens our traditional US life business”.

The deal is expected to close in May but still requires regulatory approval.

 

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