Hannover Rueck SE

M&A Activity • Dec 13, 2006

News Details

Ad-hoc | 13 December 2006 08:00

Hannover Re sells Praetorian Group to Australian insurer

Ad hoc announcement transmitted by DGAP – a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. —————————————————————————— Hannover Re sells Praetorian Group to Australian insurer Hannover, 13 December 2006: Hannover Re today reached agreement to sell its US subsidiary Praetorian Financial Group, Inc., New York, to QBE Insurance Group Ltd., Sydney, Australia. Once this transaction is completed Hannover Re will concentrate exclusively on its core business of reinsurance. QBE is to acquire 100% of the share capital of Praetorian. The purchase price of USD 800 million represents 2.1 times Praetorian’s estimated tangible book value at year-end 2006. For further information please refer to our press release or contact: Eric Schuh, CFA (tel. +49 / 511 / 56 04-15 00, e-mail: eric.schuh@hannover-re.com). (c)DGAP 13.12.2006 ————————————————————————— Language: English Issuer: Hannover Rückversicherung AG Karl-Wiechert-Allee 50 30625 Hannover Deutschland Phone: +49 (0)511 56 04-0 Fax: +49 (0)511 56 04-1188 E-mail: eric.schuh@hannover-re.com WWW: www.hannover-re.com ISIN: DE0008402215 WKN: 840 221 Indices: MDAX Listed: Amtlicher Markt in Frankfurt (Prime Standard), Hannover; Freiverkehr in Berlin-Bremen, München, Hamburg, Düsseldorf, Stuttgart; Terminbörse EUREX End of News DGAP News-Service —————————————————————————