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.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@postonline.co.uk or view our subscription options here: http://subscriptions.postonline.co.uk/subscribe
You are currently unable to print this content. Please contact info@postonline.co.uk to find out more.
You are currently unable to copy this content. Please contact info@postonline.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@postonline.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@postonline.co.uk
Most read
- RSA ‘pragmatic’ on product review as NIG acquisition completes
- Direct Line Group confirms Milliner amid raft of leadership hires
- Wakam looking to exploit ‘unlimited UK potential’ following regulator approval