Hannover Re sells stake in specialty insurer
- January 25, 2024
- Posted by: Web workers
- Category: Finance
German reinsurer Hannover Re SE said Thursday it will sell its 49.8% stake in the joint venture HDI Global Specialty SE to majority shareholder HDI Global SE, effective Dec. 31.
Terms of the transaction were not disclosed.
Premium volume booked by HDI Global Specialty has grown to €2.5 billion ($2.867) since the launch of the joint venture in 2019, Hannover Re said in the statement.
Jean-Jacques Henchoz, CEO of Hannover Re, said the company is freeing up capital by selling its stake in the venture.
Edgar Puls, a member of the board of management of the Talanx Group and CEO of HDI Global SE, said the deal would give the specialty insurer greater flexibility with market opportunities and mergers and acquisitions.
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