Hannover Re is making some big purchases. According to reports, it will purchase an individual life reinsurance business previously reinsured from ING Re by affiliates of Scottish Re Group Ltd. in a reinsurance and asset purchase transaction. Hannover RE also will buy the policy administration systems of Scottish Re, as well as other assets supporting the U.S. mortality reinsurance business.
Scottish Re acquired the ING business in a reinsurance transaction Dec. 31, 2004. ING is estimated to generate a premium volume of approximately US $1.2 billion in 2009, and will result in Hannover Re moving up to the No. 5 position in terms of individual life reinsurance in-force in the United States.
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