Hannover, Germany - Hannover Re today announced that the acquisition of the ING individual life reinsurance business from the Scottish Re Group, first announced on 23 January 2009, has been completed. The respective regulators have approved the transaction.
Hannover Re is acquiring from Scottish Re the policy administration systems and operating assets required to administer North American life reinsurance business as well as investment assets to fund the technical liabilities associated with the portfolio. The company has also secured the employment of key personnel. The acquisition thus marks a major step in the expansion and further diversification of Hannover Re's global life reinsurance business.
The contracts are expected to generate a premium volume in the order of USD 1.2 billion for 2009. Hannover Re anticipates an annual profit contribution of approximately EUR 30 million over the coming years.
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