Insurance - Hannover Re steers a new course

- L&P staff
- 01 Feb 2009

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Hannover Re's £1.3 billion acquisition of ING's US life reinsurance business from ailing Scottish Re marks a change in strategy for the German company. The move will see the firm become less reliant on the volatile property and casualty sectors and is accompanied by two senior management changes.

A combination of falling equity values and increased natural catastrophe meant Hannover Re incurred a EUR395 million loss during the third quarter of 2008 - outstripping its EUR252 million profit for

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