Hannover Re buys Scottish portfolio
Hannover Re has agreed to buy a reinsurance portfolio from Scottish Re (US).
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.
Hannover Re said the business is expected to generate an annual premium volume of about $80m. The reinsurer assumes the technical liabilities associated with the portfolio and will in return receive the necessary assets from Scottish Re.
Ulrich Wallin, chief executive officer of Hannover Re, said: "This transaction superbly complements our acquisition of the ING life reinsurance portfolio in 2009 and further strengthens our traditional US life business".
The transaction is expected to close in May 2011 and still requires regulatory approval.
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