Hannover Re to acquire ING individual life reinsurance business from Scottish Re

Hannover Re to acquire ING individual life reinsurance business from
Scottish Re

Hannover, 23 January 2009: Hannover Re announced today an agreement
to acquire certain US Individual Life Reinsurance Business ("ING
Business") previously reinsured from ING by affiliates of Scottish Re
Group Limited ("Scottish Re") in a reinsurance and asset purchase
transaction. In addition to assuming the business directly from ING
via fresh reinsurance agreements directly with ING, Hannover Re will
acquire the policy administration systems of Scottish Re as well as
other assets supporting the US mortality reinsurance business.

The ING Business was originally acquired by Scottish Re in a
reinsurance transaction effective December 31, 2004. In 2009, this
business is estimated to generate a premium volume of ca. USD 1.2 bn
and will result in Hannover Re moving up to the number five position
in terms of individual life reinsurance in-force in the US. Hannover
Re will assume all liabilities of the ING Business and will in turn
receive assets to fund those liabilities from Scottish Re. The
acquisition includes all operating assets required to administer the
ING Business. Hannover Re will also employ part of Scottish Re's
staff, thus ensuring operational continuity and a transfer of
know-how.

No external funding will be required to complete this transaction.
The acquisition of the ING portfolio will be accretive to Hannover
Re's Group net income from 2009.

The transaction, which is expected to close in the first quarter of
2009, is subject to regulatory approvals and other customary closing
conditions.

"This is a transformational step for our global life reinsurance
ambitions", commented Hannover Re's CEO Wilhelm Zeller. "It
contributes a large block of business in force, together with
industry-leading capabilities in mortality research, pricing,
underwriting and reinsurance administration which will substantially
increase our presence and earnings from the US mortality risk market.
It has the added benefit of improving our diversification of earnings
sources, placing less reliance on the more volatile non-life sector
going forward."

"We are very excited by the combination of a deep knowledge of the US
mortality market with Hannover's global reach and financial strength.
This acquisition nicely complements our leading US reinsurance
position in Financial Solutions and the Senior Health market",
commented Peter R. Schaefer, President and CEO of Hannover Life
Reassurance Company of America (HLR US). "We look forward to
welcoming the employees and customers of our new business platform,
and also the ability to offer additional services to our existing
customers."

J.P. Morgan Securities acted as exclusive financial advisor to
Hannover Re on this transaction and Locke Lord Bissell & Liddell LLP
and Debevoise & Plimpton LLC provided external legal counsel.

Hannover Re will host a conference call at 1.00 p.m. today,
invitations for which will follow separately.

For further information please contact:

Press and Public Relations / Investor Relations:
Stefan Schulz (tel. +49 / 511 / 56 04-15 00,
e-mail: stefan.schulz@hannover-re.com)

Press and Public Relations:
Gabriele Handrick (tel. +49 / 511 / 56 04-15 02,
e-mail: gabriele.handrick@hannover-re.com)

Investor Relations:
Klaus Paesler (tel. +49 / 511 / 56 04-17 36,
e-mail: klaus.paesler@hannover-re.com)

Please visit: www.hannover-re.com

Hannover Re, with a gross premium of around 8 billion euro, is one of
the leading reinsurance groups in the world. It transacts all lines
of non-life and life and health reinsurance. It maintains business
relations with more than 5,000 insurance companies in about 150
countries. Its worldwide network consists of more than 100
subsidiaries, branch and representative offices in around 20
countries with a total staff of roughly 1,800. The rating agencies
most relevant to the insurance industry have awarded Hannover Re very
strong insurer financial strength ratings (Standard & Poor's AA-
"Very Strong" and A.M. Best A "Excellent").

Disclaimer:
Some of the statements in this press release may be forward-looking
statements or statements of future expectations based on currently
available information. Such statements are naturally subject to risks
and uncertainties. Factors such as the development of general
economic conditions, future market conditions, unusual catastrophic
loss events, changes in the capital markets and other circumstances
may cause the actual events or results to be materially different
from those anticipated by such statements. Hannover Re does not make
any representation or warranty, express or implied, as to the
accuracy, completeness or updated status of such statements.
Therefore, in no case whatsoever will Hannover Re and its affiliate
companies be liable to anyone for any decision made or action taken
in conjunction with the information and/or statements in this press
release or for any related damages.

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