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Ad hoc announcement pursuant to Section 15 of the Securities Trading Act (WpHG)
Hannover Re sells Praetorian Group to Australian insurer

Hannover, 13 December 2006:

Hannover Re today reached agreement to sell its US subsidiary Praetorian Financial Group, Inc., New York, to QBE Insurance Group Ltd., Sydney, Australia. Once this transaction is completed Hannover Re will concentrate exclusively on its core business of reinsurance.

QBE is to acquire 100% of the share capital of Praetorian. The purchase price of USD 800 million represents 2.1 times Praetorian's estimated tangible book value at year-end 2006.