Hannover Re has announced that it is divesting its 49.8% stake in the joint venture HDI Global Specialty SE to the majority shareholder HDI Global SE.

The financial value of the deal, which will be effective 31 December 2021, was not disclosed.

Related Company Profiles

View all

Through the deal, Hannover Re seeks to reposition itself as a dedicated reinsurer.

Additionally, the divesture will free up risk capital that will be used for growth in Hannover Re’s core business.

Hannover Re CEO Jean-Jacques Henchoz said: “The reinsurance market continues to see improved prices and conditions. By selling our stake we are freeing up capital for profitable growth in our core business.

“Under our cooperation agreement, we shall continue to support HDI Global Specialty with our expertise as a long-term reinsurance partner, which also means that we can still share substantially in the growth of the portfolio through our participation in the reinsurance programme.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The acquisition will see HDI Global expand its specialty insurance business and simplify its growth segment.

HDI Global Specialty provides insurance including in financial & professional lines, D&O, legal expenses, sport and entertainment, aviation, offshore energy.

HDI Global SE CEO Edgar Puls said: “With our acquisition of the remaining shares we are another step closer to achieving our goal of building one of the best and most profitable specialty insurers on the world market.

“Going forward, as the sole shareholder of HDI Global Specialty we will be able to act on our opportunities in this promising market even more easily and quickly than was previously the case. Among other things, we will be very flexible in our ability to decide on potential M&A projects and take appropriate action.”