Hannover Re acquires ING's individual life reinsurance business from Scottish Re
Hannover Re, the German reinsurance giant has acquired ING's US individual life reinsurance business ("ING Business") from Scottish Re Group in a reinsurance and asset purchase transaction. In addition to assuming the business directly from ING via fresh reinsurance agreements directly with ING, Hannover Re will acquire the policy administration systems of Scottish Re as well as other assets supporting the US mortality reinsurance business.
The ING Business was originally acquired by Scottish Re in a reinsurance transaction effective 31 December 2004.In 2009, this business is estimated to generate a premium volume of around $1.2bn
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