Hannover, 14 March 2012:
The Supervisory Board of Hannover Rückversicherung AG (Hannover Re) has approved the resolution of the Executive Board to transform the company into a European public limited company (Societas Europaea, SE). The change in legal form is still subject to the approval of the Annual General Meeting, which is to be held in Hannover on 3 May 2012.
Upon transformation into an SE the existing shareholders of Hannover Rückversicherung AG will automatically become shareholders of Hannover Rück SE; the rights of shareholders remain unaffected. Nor is the change in legal form expected to have any implications for clients and employees of Hannover Re.
The intended transformation into an SE reflects the increasingly international character both of Hannover Re's business activities and its workforce.
At the same time, the legal form of an SE enables the company to relocate its registered office within the European Union. This could become significant in connection with the implementation of Solvency II. Hannover Re does not, however, have any concrete plans for such a relocation of its registered office at the present time.
It is envisaged that the transformation of Hannover Rückversicherung AG into an SE will be completed by the beginning of 2013.