Global reinsurer Hannover Re has announced the sale of its 49.8% stake in joint venture HDI Global Specialty SE to majority shareholder HDI Global SE.
The deal underscores Hannover Re’s overarching ambition of repositioning itself as a pure reinsurer.
Concurrently, the sale is seen as a way to free up capital for future growth initiatives and core business areas.
Commenting on the announcement, Hannover Re CEO Jean-Jacques Henchoz noted how the reinsurance market is continuing to see improved prices and conditions.
“By selling our stake we are freeing up capital for profitable growth in our core business,” Henchoz said.
He added that, under the firm’s cooperation agreement, Hannover Re will remain supportive of HDI Global Specialty “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.”
For HDI Global, this move represents both an expansion of its specialty insurance business and reduction in the complexity of a strategic growth segment.
The appointment of Claire McDonald and Ralph Beutter to the Management Board of HDI Global SE will take effect in the new year.
Starting on that date, Claire McDonald will serve as Chief Underwriting Officer for the Property, Engineering and Marine portfolios and HDI Risk Consulting.
Ralph Beutter, as CEO of HDI Global Specialty SE, will be responsible for Specialty on the Board of Management of HDI Global SE.
At the same time, David Hullin, who has been responsible on the Board of Management to date for the Property classes, will take over the management of the company’s international markets together with Jens Wohlthat.
Dr Mukadder Erdönmez will oversee the motor fleet business in addition to third-party liability and cyber insurance.
Yves Betz, who is currently responsible for Europe (without Germany), Americas and Global Marketing, is leaving the company for personal reasons to take up a new professional challenge.
“I would like to thank Yves Betz for his very good work over the past years. He made a considerable contribution to growing the profitability of the international business. I wish him all the best for the future”, said Torsten Leue, Chairman of Talanx AG’s Board of Management and Supervisory Board Chairman at HDI Global SE.
