20.03.2017
Hannover Rück SE DE0008402215
DGAP-News: Hannover Rück SE: Hannover Re acquires Lloyd's syndicate
DGAP-News: Hannover Rück SE / Key word(s): Takeover
Hannover Rück SE: Hannover Re acquires Lloyd's syndicate
20.03.2017 / 14:00
The issuer is solely responsible for the content of this announcement.
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Press Release
Hannover Re acquires Lloyd's syndicate
Hannover, 20 March 2017: Hannover Re has reached an agreement to acquire the
UK holding company Argenta Holdings plc ("Argenta"), which owns the
companies Argenta Syndicate Management and Argenta Private Capital as well
as a pro rata share of the Lloyd's syndicate Argenta Syndicate 2121. The
parties have agreed to maintain confidentiality regarding the purchase
price.
"For some time now we have been interested in a Lloyd's syndicate with a
view to gaining additional access to international and London Market
business. We are delighted to have found an ideal partner in Argenta",
Ulrich Wallin, Chief Executive Officer of Hannover Re, stated.
The syndicate focuses on short-tail property business and specialty lines.
Thanks to the diversified book of business written by the syndicate, the
profit contributions made by the service companies and the expertise of the
seasoned team of staff, Argenta has generated good results in recent years.
It is therefore in Hannover Re's interest that the experienced team, under
Argenta CEO Andrew Annandale, continues to pursue its successful strategy.
Alasdair Locke, Chairman of Argenta commented, "We are delighted to have
reached agreement to become part of such a strong and well-respected
reinsurance group. Hannover Re has been a valued business partner of
Syndicate 2121 for many years, both as a reinsurer and capital provider and
we believe that this transaction is in the best interests of Argenta, its
customers and its staff."
In the 2016 financial year Syndicate 2121 booked gross premium of GBP 280
million. Hannover Re intends to support Argenta on its envisaged growth
trajectory.
The transaction is expected to close in the third quarter subject to all
necessary approvals.
Contact
Corporate Communications:
Karl Steinle
tel. +49 511 5604-1500
[email protected]
Media Relations:
Janine Bernkurth
tel. +49 511 5604-1931
[email protected]
Investor Relations:
Julia Hartmann
tel. +49 511 5604-1529
[email protected]
www.hannover-re.com
Hannover Re, with gross premium of EUR 16.4 billion, is the third-largest
reinsurer in the world. It transacts all lines of property & casualty and
life & health reinsurance and is present on all continents with around 2,900
staff. Established in 1966, the Hannover Re Group today has a network of
more than 100 subsidiaries, branches and representative offices worldwide.
The Group's German business is written by the subsidiary E+S Rück. The
rating agencies most relevant to the insurance industry have awarded both
Hannover Re and E+S Rück very strong insurer financial strength ratings:
Standard & Poor's AA- "Very Strong" and A.M. Best A+ "Superior".
Please note the disclaimer:
https://www.hannover-re.com/535917
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20.03.2017 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at www.dgap.de
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Language: English
Company: Hannover Rück SE
Karl-Wiechert-Allee 50
30625 Hannover
Germany
Phone: +49-(0)511-5604-1500
Fax: +49-(0)511-5604-1648
E-mail: [email protected]
Internet: www.hannover-re.com
ISIN: DE0008402215
WKN: 840 221
Indices: MDAX
Listed: Regulated Market in Frankfurt (Prime Standard), Hanover;
Regulated Unofficial Market in Berlin, Dusseldorf,
Hamburg, Munich, Stuttgart, Tradegate Exchange; Luxemburg
End of News DGAP News Service
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555633 20.03.2017
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