11.05.2018
Hannover Rück SE DE0008402215
DGAP-News: HDI Global and Hannover Re launch a joint growth initiative in specialty business
DGAP-News: Hannover Rück SE / Key word(s): Joint Venture
HDI Global and Hannover Re launch a joint growth initiative in specialty
business
11.05.2018 / 07:20
The issuer is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
Press Release
Joint news release by Talanx, Hannover Re and HDI Global
HDI Global and Hannover Re launch a joint growth initiative in specialty
business
* Establishment of the joint venture "HDI Global Specialty"
* Broadly-based provider with gross premium of more than EUR 1 billion and
excellent growth perspectives
* Focus on high-margin business
Hannover, 11 May 2018: Under the umbrella of Talanx AG, Hannover Rück SE and
HDI Global SE are launching a joint initiative in global growth and
high-margin specialty business. The two companies are therefore merging
their specialty activities in a new joint venture. The new company HDI
Global Specialty SE will write agency and specialty insurance business in
lines such as Errors & Omissions liability insurance, directors' and
officers' (D&O) liability insurance, legal expenses insurance, sports and
entertainment, aviation, offshore energy and animal insurance.
The first step towards establishing the joint venture HDI Global Specialty
will entail HDI Global SE acquiring the majority of the shares in
International Insurance Company of Hannover SE (Inter Hannover), a
subsidiary company of Hannover Re. The purchase price to be paid for the
shareholding is in the order of around EUR 100 million. After the
transaction has taken place, Inter Hannover will be renamed HDI Global
Specialty SE. HDI Global SE will contribute its specialty portfolio to the
new company. HDI Global SE will hold 50.2 percent of the new company and
Hannover Re will have 49.8 percent of the shares.
HDI Global Specialty is being launched with a premium volume of more than
EUR 1 billion and will strive to achieve substantial organic growth. On
account of the good organic growth opportunities, the individual share in
earnings of Hannover Rück SE and HDI Global SE is projected to be above the
individual earnings contribution for both units in the current separate
structure already in the year 2019.
"This step strengthens our roots as an industrial insurer. The joint venture
enables us to bring together the cross-business segment expertise we have in
the area of specialty in one place within the Group and concentrate our
know-how. This allows us to focus on particularly profitable and high-growth
market segments. The move creates a company that has an outstanding position
in the specialty market and enjoys excellent growth perspectives," commented
Torsten Leue, Chairman of the Board of Management of Talanx AG.
"We have a number of reasons for bringing together the agency and specialty
primary insurance business of Inter Hannover in the joint venture. This
strengthens the focus on our core business in accordance with our strategy
of "Creating value through reinsurance". At the same time, reinsuring the
portfolio enables us to derive even more benefit from the growth
opportunities available in specialty business. We can then make use of the
capital that becomes available as a result to grow the business further,"
said Ulrich Wallin, Chairman of the Executive Board of Hannover Re.
"The bundled know-how of the new joint venture will help us to expand our
position in the specialty market. We are creating a very strong company in
line with our strategy of profitable growth. It has a highly competent team
with a focused profile and the company will be operating worldwide," said Dr
Christian Hinsch, Chairman of the Board of Management of HDI Global SE. "The
speciality business has attractive above-average margins and is growing
faster every year than classic industrial business. This highlights the
demand and we want to benefit from that. We will provide our customers and
broker partners with even more comprehensive service based know-how."
When the purchase of the shareholding is approved by the supervisory
authorities, the joint venture will roll out joint operational activities on
1 January 2019. The Works Councils will be involved in planning and
implementation of the joint venture.
Hannover Re, with gross premium of EUR 17.8 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 3,300
staff. Established in 1966, the Hannover Re Group today has a network of
more than 140 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 outstanding 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
Contact
Corporate Communications:
Karl Steinle
tel. +49 511 5604-1500
[email protected]
Media Relations:
Gabriele Handrick
tel. +49 511 5604-1502
[email protected]
Investor Relations:
Julia Hartmann
tel. +49 511 5604-1529
[email protected]
www.hannover-re.com
---------------------------------------------------------------------------
11.05.2018 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
---------------------------------------------------------------------------
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
---------------------------------------------------------------------------
684451 11.05.2018
|
Weitere Ad-hoc und Unternehmensrelevante Mitteilungen zu
Hannover Rück SE ISIN: DE0008402215 können Sie bei EQS abrufen
Versicherungen , 840221 , HNR1 , XETR:HNR1