SOURCE: Hannover Ruck

February 23, 2009 04:05 ET

Purchase of ING portfolio from Scottish Re completed

HANNOVER, GERMANY--(Marketwire - February 23, 2009) - 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.

For further information please contact:

Press and Public Relations / Investor Relations:
Stefan Schulz (tel. +49 / 511 / 56 04-15 00,

Press and Public Relations:
Gabriele Handrick (tel. +49 / 511 / 56 04-15 02,

Investor Relations:
Klaus Paesler (Tel. +49 / 5 11 / 56 04-17 36,

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Hannover Re, with a gross premium of around 8 billion euro, is one of the leading reinsurance groups in the world. It transacts all lines of non-life and life and health reinsurance. It maintains business relations with more than 5,000 insurance companies in about 150 countries. Its worldwide network consists of more than 100 subsidiaries, branch and representative offices in around 20 countries with a total staff of roughly 1,800. The rating agencies most relevant to the insurance industry have awarded Hannover Re very strong insurer financial strength ratings (Standard & Poor's AA- "Very Strong" and A.M. Best A "Excellent").


Some of the statements in this press release may be forward-looking statements or statements of future expectations based on currently available information. Such statements are naturally subject to risks and uncertainties. Factors such as the development of general economic conditions, future market conditions, unusual catastrophic loss events, changes in the capital markets and other circumstances may cause the actual events or results to be materially different from those anticipated by such statements. Hannover Re does not make any representation or warranty, express or implied, as to the accuracy, completeness or updated status of such statements. Therefore, in no case whatsoever will Hannover Re and its affiliate companies be liable to anyone for any decision made or action taken in conjunction with the information and/or statements in this press release or for any related damages.

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