Hannover Re and HDI Global SE are merging their specialty activities in a new joint venture, HDI Global Specialty SE.
As a first step, HDI Global SE will buy the majority of the shares in International Insurance Co. of Hannover SE, for about €100 million. After the acquisition, International Insurance Co. of Hannover will be renamed as HDI Global Specialty SE, with HDI Global SE contributing its specialty portfolio to the new entity.
HDI Global SE will hold s 50.2% stake in the new company, and Hannover Re will have a 49.8% stake. HDI Global Specialty SE will have a premium volume of more than €1 billion.
The new company will roll out joint operational activities on Jan. 1, 2019, after the transaction is approved by regulators.