Hannover Re: to form joint venture with Germany's HDI Global
(CercleFinance.com) - German reinsurer Hannover Re said on Friday it had agreed with fellow German industrial insurer HDI Global to combine their specialty businesses to form a bigger supplier on the market.
Under the terms of the deal, HDI Global will acquire the majority of the shares in Hannover Re's Inter Hannover for around 100 million euros.
After the transaction, HDI Global SE will hold 50.2 per cent of the new company and Hannover Re will have 49.8 per cent of the share capital.
The new company—named "HDI Global Specialty"—will write insurance business in lines such as liability insurance, legal expenses insurance, sports and entertainment, aviation, and offshore energy, the firms said.
The joint venture is expected to roll out its operational activities on 1 January 2019.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
Under the terms of the deal, HDI Global will acquire the majority of the shares in Hannover Re's Inter Hannover for around 100 million euros.
After the transaction, HDI Global SE will hold 50.2 per cent of the new company and Hannover Re will have 49.8 per cent of the share capital.
The new company—named "HDI Global Specialty"—will write insurance business in lines such as liability insurance, legal expenses insurance, sports and entertainment, aviation, and offshore energy, the firms said.
The joint venture is expected to roll out its operational activities on 1 January 2019.
Copyright (c) 2018 CercleFinance.com. All rights reserved.