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According to Hannover Re, the book is a portfolio of ING business that was bought by Scottish Re in December 2004. It is comprised of physical mortality, individual life reinsurance and ING reinsurance business spread across the United States. Hannover Re said the book could generate premium volume of around $1.2 billion (936 million euros) in 2009 and an anticipated annual profit contribution of around 30 million euros.
The purchase was first announced in January (BestWire, Jan. 23, 2009).
Hannover Re has also bought from Scottish Re its policy administration systems and the operating assets required to administer North American life reinsurance business. The Germany-based reinsurer added that it has also kept on key Scottish Re personnel. A spokeswoman for Hannover Re was unable to say how many people had been retained.
In February, Scottish Re said that Terry Eleftheriou, its chief financial officer, had resigned from his position as executive vice president and CFO effective Feb. 9. Scottish Re said it cannot say when it will release its financial statements for the third and fourth quarters of 2008.
In March 2008, Scottish Re?s stock was delisted from trading on the New York Stock Exchange because its stock price fell below listing standards for more than 30 days (BestWire, March 12, 2008). In April, the company started to look into the possible sale of its U.S. and international life reinsurance businesses (BestWire, April 7, 2008).
Hannover Re currently has a Best?s Financial Strength Rating of A (Excellent).
(By Marc Jones, London news editor: marc.jones@ambest.com)
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