Hannover Re acquires 30% of Ecua Re

Bnamericas Published: Monday, May 09, 2016

Hannover Re, the world's third largest reinsurer, will buy 30% of the shares in Ecuador's Ecua Re, according to insurance publication Inese.

"Hannover Re joining the ranks of our shareholders not only strengthens our excellent position in the current market, but is also a great support for our growth strategy," Inese reported Ecua Re chairman Jorge Abbud as saying.

Daniel Duesterhaus, Hannover Re's CEO of P&C for Latin America, said the group considers Ecuador an attractive market and the deal with Ecua Re will allow for stronger client relationships and long-term growth opportunities.
The transaction will be carried out through the purchase of newly issued shares to increase the equity of the company, according to the report. The deal will also see Hannover Re become the leading reinsurer for Ecua Re.

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