Scottish Re Unloads ING Business To Hannover Re

Law360, New York (January 27, 2009, 12:00 AM EST) -- Scottish Re Group Ltd. has sold the individual life reinsurance business it originally acquired from ING America Insurance Holdings Inc. to German reinsurer Hannover Ruckversichering AG in a $1.3 billion deal that will make Hannover Re the fifth-largest individual life reinsurer in the U.S.

Expected to close during the first quarter of 2009, the transaction between the reinsurance giants is the result of Scottish Re's efforts to address its acute capital, liquidity and collateral needs and to alleviate the concerns of its regulators, the company said...
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