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4.2 Consolidated companies and complete list of shareholdings

In addition to Hannover Rückversicherung AG as the parent company of the Group, the scope of consolidation of the Hannover Re Group encompasses the companies listed in the table below.

Scope of consolidation
Number of companies 2012 2011
1 Consists of: 20 (19) individual companies and 38 (36) companies which are fully consolidated in 3 (3) subgroups.
2 Consists of: 2 (1) associated companies and 4 (5) companies which are included at equity in 1 (1) subgroup
Consolidated companies    
Germany 17 16
Abroad1 55 52
Total 72 68
     
Consolidated special purpose entities and special funds    
Abroad1 3 3
Sum total 75 71
     
Companies included at equity    
Germany 3 3
Abroad2 6 6
Total 9 9

The following list of shareholdings is provided in full in the present Group annual financial report in accordance with § 313 German Commercial Code (HGB) as amended by the Act on the Modernisation of Accounting Law (BilMoG).

In conformity with Item 7.1.4 of the recommendations of the German Corporate Governance Code as amended on 15 May 2012, the following table also lists the percentage share in capital, the capital and reserves and the result for the last financial year for major participations in unconsolidated third companies.

The figures for the capital and reserves as well as the result for the last financial year are taken from the local financial statements drawn up by the companies.

With regard to the major acquisitions and disposals in the year under review please see our remarks in the following paragraphs of this section.

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List of shareholdings
Name and registered office of the company
in currency units of 1,000
Participation
in %
Currency Capital and reserves Result for
the last
financial year
1Provisional (unaudited) figures
2 Year-end result after profit transfer
3 Financial year as at 30 September 2012
4 Figures as at 31 December 2011
5 Company was newly established in 2012; an annual financial statement is not yet available
6 Formerly Hannover Life Reassurance (Ireland) PLC, merged with Hannover Reinsurance (Ireland) PLC
7 Financial year as at 30 October 2011
8 Financial year as at 31 March 2012
9 IFRS figures
10 Company is in liquidation
11 Certain equity items are not counted under IFRS, as a consequence of which the amount of capital and reserves can be negative here. According to the local accounting practice relevant for supervisory purposes, the company is adequately capitalised.
12 Company is inactive
13 Last annual financial statement compiled as at 31 December 1999
14 Company was newly established in 2011; business operations have not commenced to date
Affiliated companies resident in Germany        
Hannover Rück Beteiligung Verwaltungs-GmbH, Hannover/Germany1,2 100.00 EUR 2,071,855
Hannover Life Re AG, Hannover/Germany1,2 100.00 EUR 1,582,596
HILSP Komplementär GmbH, Hannover/Germany3 100.00 EUR 25 (1)
Hannover Insurance-Linked Securities GmbH & Co. KG, Hannover/Germany3 100.00 EUR 55,855 5,036
Funis GmbH & Co. KG, Hannover/Germany3 100.00 EUR 24,353 (10,687)
Hannover America Private Equity Partners II GmbH & Co. KG, Hannover/Germany3 95.28 EUR 205,314 20,299
HAPEP II Holding GmbH, Hannover/Germany3 95.28 EUR 30,305 8,638
HAPEP II Komplementär GmbH, Hannover/Germany3 81.84 EUR 27
Hannover Re Euro PE Holdings GmbH & Co. KG, Hannover/Germany3 90.92 EUR 83,826 1,219
Hannover Re Euro RE Holdings GmbH, Hannover/Germany4 81.84 EUR 181,975 1,163
HR GLL Central Europe GmbH & Co. KG, Munich/Germany5 74.40 EUR 110
Hannover Euro Private Equity Partners III GmbH & Co. KG, Cologne/Germany3 67.08 EUR 42,815 6,394
HEPEP III Holding GmbH, Cologne/Germany3 67.08 EUR 9,546 393
E+S Rückversicherung AG, Hannover/Germany1 63.69 EUR 733,413 142,000
Hannover Euro Private Equity Partners IV GmbH & Co. KG, Cologne/Germany3 60.17 EUR 86,192 3,542
Hannover Euro Private Equity Partners II GmbH & Co. KG, Cologne/Germany3 57.50 EUR 8,709 8,422
HEPEP II Holding GmbH, Cologne/Germany3 57.50 EUR 4,539 4,508
Affiliated companies resident abroad
Hannover Finance (Luxembourg) S.A., Luxembourg/Luxembourg1 100.00 EUR 30,475 (1,304)
Hannover Finance (UK) Limited, Virginia Water/United Kingdom1 100.00 GBP 131,102 19
Hannover Life Reassurance Bermuda Ltd., Hamilton/Bermuda 100.00 EUR 202,559 29,928
Hannover Life Reassurance Company of America, Orlando/USA1 100.00 USD 180,976 9,378
Hannover Re (Ireland) Public Limited Company, Dublin/Ireland1,6 100.00 EUR 1,318,616 106,336
Hannover Life Reassurance (UK) Limited, Virginia Water/United Kingdom1 100.00 GBP 38,751 2,834
Hannover Life Re of Australasia Ltd, Sydney/Australia1 100.00 AUD 336,480 38,073
Hannover Re (Bermuda) Ltd., Hamilton/Bermuda 1 100.00 EUR 1,056,837 169,716
Hannover ReTakaful B.S.C. (c), Manama/Bahrain1 100.00 BHD 41,070 6,768
Hannover Services (UK) Limited, Virginia Water/United Kingdom 100.00 GBP 666 4
International Insurance Company of Hannover Limited, Bracknell/United Kingdom1 100.00 GBP 121,759 6,259
Inter Hannover (No.1) Limited, London/United Kingdom1 100.00 GBP (4,265) 1
Leine Investment General Partner S.à r.l., Luxembourg/Luxembourg5 100.00 EUR 30
Leine Investment SICAV-SIF, Luxembourg/Luxembourg5 100.00 USD 200
Hannover Re (Guernsey) PCC Limited, St Peter Port/Guernsey1 100.00 EUR 254 2
Fracom FCP, Paris/France7 100.00 EUR 877,017 25,935
Kaith Re Ltd., Hamilton/Bermuda1 88.00 USD 95 (291)
Integra Insurance Solutions Limited, Bradford/United Kingdom8 74.99 GBP 509 636
Secquaero ILS Fund Ltd., Georgetown, Grand Cayman/Cayman Islands9 74.09 USD 73,651 2,884
Svedea AB, Stockholm/Sweden 53.00 SEK 4,630 (44,890)
Subgroups resident abroad
Hannover Finance, Inc., Wilmington/USA9 100.00 USD 509,913 9,087
Hannover Finance, Inc. compiles its own subgroup financial statement
in which the following major companies are included:
Consolidated companies
Clarendon Insurance Group, Inc., Wilmington/USA 100.00 USD 221,640
Atlantic Capital Corporation, Wilmington/USA9,10,11 100.00 USD (111,867)
Hannover Reinsurance Group Africa (Pty) Ltd., Johannesburg/South Africa 100.00 ZAR 210,017 154,417
Hannover Reinsurance Group Africa (Pty) Ltd. compiles its own subgroup financial statement
in which the following companies are included:
Consolidated companies
Hannover Life Reassurance Africa Limited, Johannesburg/South Africa 100.00 ZAR 416,212 (7,678)
Hannover Reinsurance Africa Limited, Johannesburg/South Africa 100.00 ZAR 781,523 145,608
Compass Insurance Company Limited, Johannesburg/South Africa 100.00 ZAR 109,595 229
Micawber 185 (Pty) Ltd., Johannesburg/South Africa 100.00 ZAR 17,976 2,121
Peachtree (Pty) Ltd., Johannesburg/South Africa10 100.00 ZAR
Hannover Reinsurance Mauritius Ltd., Port Louis/Mauritius 100.00 MUR 50,178 3,785
Lireas Holdings (Pty) Ltd., Johannesburg/South Africa 51.00 ZAR 189,537 21,353
Transit Underwriting Managers (Pty) Ltd., Cape Town/South Africa 51.00 ZAR 991 185
MUA Insurance Company Ltd., Cape Town/South Africa 51.00 ZAR 10,332 547
MUA Insurance Acceptances (Pty) Ltd., Cape Town/South Africa 40.80 ZAR 2,207 (2,168)
Garagesure Consultants and Acceptances (Pty) Ltd., Johannesburg/South Africa 40.80 ZAR 955 1,614
Cargo Transit Insurance (Pty) Ltd., Helderkruin/South Africa 40.80 ZAR (4,499) (1,977)
Landmark Underwriting Agency (Pty) Ltd., Bloemfontein/South Africa 38.51 ZAR 2,586 (361)
Hospitality Industrial and Commercial Underwriting Managers (Pty) Ltd.,
Johannesburg/South Africa
36.82 ZAR 2,375 2,472
SUM Holdings (Pty) Ltd., Johannesburg/South Africa 36.82 ZAR 19,068 3,418
Thatch Risk Acceptances (Pty) Ltd., Cape Town/South Africa 33.14 ZAR 1,466 2,219
Gem & Jewel Acceptances (Pty) Ltd., Johannesburg/South Africa 30.60 ZAR 974 3,116
Construction Guarantee (Pty) Ltd., Parktown/South Africa10 30.60 ZAR 6,969
Envirosure Underwriting Managers (Pty) Ltd., Durban/South Africa 30.60 ZAR (415) 1,275
Woodworking Risk Acceptances (Pty) Ltd., Pietermaritzburg/South Africa 30.60 ZAR 540 (970)
Film & Entertainment Underwriters SA (Pty) Ltd., Johannesburg/South Africa 26.01 ZAR (1,444) 35
Associated companies
Firedart & Construction Guarantee Underwriting Managers (Pty) Ltd., Johannesburg/South Africa 25.45 ZAR 11,321 6,473
Commercial & Industrial Acceptances (Pty) Ltd., Johannesburg/South Africa 20.40 ZAR 14,460 23,236
Clarendon Transport Underwriting Managers (Pty) Ltd., Johannesburg/South Africa1 16.66 ZAR 21,400 44,794
Camargue Underwriting Managers (Pty) Ltd., Parktown/South Africa 13.26 ZAR 7,274 3,168
Participations (non-consolidated)
Clarenfin (Pty) Ltd., Johannesburg/South Africa12 16.66 ZAR
Hannover Re Real Estate Holdings, Inc., Orlando/USA9 95.10 USD 377,855 32,023
Hannover Re Real Estate Holdings, Inc. compiles its own subgroup financial statement
in which the following companies are included:
Consolidated companies
5115 Sedge Corporation, Chicago/USA9 95.10 USD 564 (1,075)
5115 Sedge Boulevard, LP, Chicago/USA9,11 95.10 USD (1,574) (1,622)
GLL HRE CORE PROPERTIES, LP, Wilmington/USA9 95.00 USD 198,698 38,168
11 Stanwix, LLC, Pittsburgh/USA9 95.00 USD 30,139 546
One Winthrop Square, LLC, Wilmington/USA9 95.00 USD 22,196 630
402 Santa Monica Blvd, LLC, Wilmington/USA9 95.00 USD 31,358 706
300 South Orange Avenue, LLC, Orlando/USA9 95.00 USD 55,104 1,209
465 Broadway, LLC, Wilmington/USA9,10 95.00 USD (1,085) 13,757
Nashville (Tennessee) West, LLC, Wilmington/USA9 95.00 USD 30,611 (217)
1225 West Washington, LLC, Tempe/USA9 95.00 USD 22,162 31
975 Carroll Square, LLC, Washington D.C./USA9 95.00 USD 60,519 431
GLL Terry Francois Blvd, LLC, Wilmington/USA9,10 48.40 USD 4,823 51,980
Associated companies resident in Germany
Oval Office Grundstücks GmbH, Hannover/Germany1 50.00 EUR 59,657 1,804
WeHaCo Unternehmensbeteiligungs-GmbH, Hannover/Germany4 32.74 EUR 87,625 5,314
HANNOVER Finanz GmbH, Hannover/Germany4 25.00 EUR 70,674 7,194
Associated companies resident abroad
ITAS Vita S.p.A., Trent/Italy4 34.88 EUR 76,354 55
ASPECTA Assurance International AG, Vaduz/Liechtenstein4 30.00 CHF 15,964 6,297
Participations abroad (non-consolidated)
International Hannover Holding AG, Hannover/Germany12 100.00 EUR 44 (3)
Capital System GmbH, Hannover/Germany4 49.00 EUR 211 (64)
Participations abroad (non-consolidated)
International Mining Industry Underwriters Limited, London/United Kingdom1 100.00 GBP 480 70
HR Hannover Re, Correduría de Reaseguros, S.A., Madrid/Spain1 100.00 EUR 266 35
LRA Superannuation Plan Pty Ltd., Sydney/Australia12 100.00 AUD
Mediterranean Reinsurance Services Ltd., Hong Kong/China10,13 100.00 USD 125
Hannover Re Services Japan K.K., Tokio/Japan1 100.00 JPY 94,533 1,683
Hannover Re Consulting Services India Private Limited, Mumbai/India8 100.00 INR 58,620 7,973
Hannover Life Re Consultants, Inc., Orlando/USA4 100.00 USD 201 2
Hannover Services (México) S.A. de C.V., Mexico City/Mexico4 100.00 MXN 10,777 225
Hannover Re Services USA, Inc., Itasca/USA 100.00 USD 872 27
Hannover Rückversicherung AG Escritório de Representação no Brasil Ltda., Rio de Janeiro/Brazil4 100.00 BRL 320 (58)
L&E Holdings Limited, London/United Kingdom1 100.00 GBP 9 82
London & European Title Insurance Services Limited, London/United Kingdom1 100.00 GBP 80 (283)
Hannover Re Services Italy S.R.L., Milan/Italy1 99.64 EUR 485 103
Glencar Underwriting Managers, Inc., Itasca/USA4 95.90 USD 1,789 (713)
Secquaero Re Vinyard IC Ltd., St Peter Port/Guernsey5 74.09 USD 2,075
Hannover Care AB, Stockholm/Sweden4 30.00 SEK 446 (1,363)
Energi, Inc., Peabody/MA, USA4 28.50 USD 6,758 (884)
Energi Insurance Services, Inc., Peabody/MA, USA4 28.50 USD 738 (567)
Energi of Canada Ltd., Toronto/Kanada14 28.50 CAD
Energi Re, LLC, Dover/USA4 28.50 USD 336 86
Hurst Holme Insurance Company Limited – account 2006-03 SCC, Hamilton/Bermuda4 28.50 USD 818 38
Hurst Holme Insurance Company Limited – account 2009-01 SCC, Hamilton/Bermuda4 28.50 USD 2,577 1,000
XS Direct Holdings Limited, Dublin/Irland4 25.00 EUR 1,741 (3,129)
SimShare Limited, Dublin/Irland4 25.00 EUR 645 (2,448)
XS Direct Insurance Brokers Limited, Dublin/Irland4 25.00 EUR 36 208
Indemnity Guarantee Company Limited, Dublin/Irland4,10 25.00 EUR (6)
Sciemus Power MGA Limited, London/United Kingdom4 25.00 GBP 1
PlaNet Guarantee (SAS), Saint-Ouen/France4 23.58 EUR 651 (797)
Iconica Business Services Limited, Bradford/United Kingdom5 18.75 GBP 301
Acte Vie S.A. Compagnie d’Assurances sur la Vie et de Capitalisation, Strasbourg/France4 9.38 EUR 8,404 140
List of shareholdings
Name and registered office of the company
in currency units of 1,000
Participation
in %
Currency Capital and reserves Result for
the last
financial year
1Provisional (unaudited) figures
2 Year-end result after profit transfer
3 Financial year as at 30 September 2012
4 Figures as at 31 December 2011
5 Company was newly established in 2012; an annual financial statement is not yet available
6 Formerly Hannover Life Reassurance (Ireland) PLC, merged with Hannover Reinsurance (Ireland) PLC
7 Financial year as at 30 October 2011
8 Financial year as at 31 March 2012
9 IFRS figures
10 Company is in liquidation
11 Certain equity items are not counted under IFRS, as a consequence of which the amount of capital and reserves can be negative here. According to the local accounting practice relevant for supervisory purposes, the company is adequately capitalised.
12 Company is inactive
13 Last annual financial statement compiled as at 31 December 1999
14 Company was newly established in 2011; business operations have not commenced to date
Affiliated companies resident in Germany        
Hannover Rück Beteiligung Verwaltungs-GmbH, Hannover/Germany1,2 100.00 EUR 2,071,855
Hannover Life Re AG, Hannover/Germany1,2 100.00 EUR 1,582,596
HILSP Komplementär GmbH, Hannover/Germany3 100.00 EUR 25 (1)
Hannover Insurance-Linked Securities GmbH & Co. KG, Hannover/Germany3 100.00 EUR 55,855 5,036
Funis GmbH & Co. KG, Hannover/Germany3 100.00 EUR 24,353 (10,687)
Hannover America Private Equity Partners II GmbH & Co. KG, Hannover/Germany3 95.28 EUR 205,314 20,299
HAPEP II Holding GmbH, Hannover/Germany3 95.28 EUR 30,305 8,638
HAPEP II Komplementär GmbH, Hannover/Germany3 81.84 EUR 27
Hannover Re Euro PE Holdings GmbH & Co. KG, Hannover/Germany3 90.92 EUR 83,826 1,219
Hannover Re Euro RE Holdings GmbH, Hannover/Germany4 81.84 EUR 181,975 1,163
HR GLL Central Europe GmbH & Co. KG, Munich/Germany5 74.40 EUR 110
Hannover Euro Private Equity Partners III GmbH & Co. KG, Cologne/Germany3 67.08 EUR 42,815 6,394
HEPEP III Holding GmbH, Cologne/Germany3 67.08 EUR 9,546 393
E+S Rückversicherung AG, Hannover/Germany1 63.69 EUR 733,413 142,000
Hannover Euro Private Equity Partners IV GmbH & Co. KG, Cologne/Germany3 60.17 EUR 86,192 3,542
Hannover Euro Private Equity Partners II GmbH & Co. KG, Cologne/Germany3 57.50 EUR 8,709 8,422
HEPEP II Holding GmbH, Cologne/Germany3 57.50 EUR 4,539 4,508
Affiliated companies resident abroad
Hannover Finance (Luxembourg) S.A., Luxembourg/Luxembourg1 100.00 EUR 30,475 (1,304)
Hannover Finance (UK) Limited, Virginia Water/United Kingdom1 100.00 GBP 131,102 19
Hannover Life Reassurance Bermuda Ltd., Hamilton/Bermuda 100.00 EUR 202,559 29,928
Hannover Life Reassurance Company of America, Orlando/USA1 100.00 USD 180,976 9,378
Hannover Re (Ireland) Public Limited Company, Dublin/Ireland1,6 100.00 EUR 1,318,616 106,336
Hannover Life Reassurance (UK) Limited, Virginia Water/United Kingdom1 100.00 GBP 38,751 2,834
Hannover Life Re of Australasia Ltd, Sydney/Australia1 100.00 AUD 336,480 38,073
Hannover Re (Bermuda) Ltd., Hamilton/Bermuda 1 100.00 EUR 1,056,837 169,716
Hannover ReTakaful B.S.C. (c), Manama/Bahrain1 100.00 BHD 41,070 6,768
Hannover Services (UK) Limited, Virginia Water/United Kingdom 100.00 GBP 666 4
International Insurance Company of Hannover Limited, Bracknell/United Kingdom1 100.00 GBP 121,759 6,259
Inter Hannover (No.1) Limited, London/United Kingdom1 100.00 GBP (4,265) 1
Leine Investment General Partner S.à r.l., Luxembourg/Luxembourg5 100.00 EUR 30
Leine Investment SICAV-SIF, Luxembourg/Luxembourg5 100.00 USD 200
Hannover Re (Guernsey) PCC Limited, St Peter Port/Guernsey1 100.00 EUR 254 2
Fracom FCP, Paris/France7 100.00 EUR 877,017 25,935
Kaith Re Ltd., Hamilton/Bermuda1 88.00 USD 95 (291)
Integra Insurance Solutions Limited, Bradford/United Kingdom8 74.99 GBP 509 636
Secquaero ILS Fund Ltd., Georgetown, Grand Cayman/Cayman Islands9 74.09 USD 73,651 2,884
Svedea AB, Stockholm/Sweden 53.00 SEK 4,630 (44,890)
Subgroups resident abroad
Hannover Finance, Inc., Wilmington/USA9 100.00 USD 509,913 9,087
Hannover Finance, Inc. compiles its own subgroup financial statement
in which the following major companies are included:
Consolidated companies
Clarendon Insurance Group, Inc., Wilmington/USA 100.00 USD 221,640
Atlantic Capital Corporation, Wilmington/USA9,10,11 100.00 USD (111,867)
Hannover Reinsurance Group Africa (Pty) Ltd., Johannesburg/South Africa 100.00 ZAR 210,017 154,417
Hannover Reinsurance Group Africa (Pty) Ltd. compiles its own subgroup financial statement
in which the following companies are included:
Consolidated companies
Hannover Life Reassurance Africa Limited, Johannesburg/South Africa 100.00 ZAR 416,212 (7,678)
Hannover Reinsurance Africa Limited, Johannesburg/South Africa 100.00 ZAR 781,523 145,608
Compass Insurance Company Limited, Johannesburg/South Africa 100.00 ZAR 109,595 229
Micawber 185 (Pty) Ltd., Johannesburg/South Africa 100.00 ZAR 17,976 2,121
Peachtree (Pty) Ltd., Johannesburg/South Africa10 100.00 ZAR
Hannover Reinsurance Mauritius Ltd., Port Louis/Mauritius 100.00 MUR 50,178 3,785
Lireas Holdings (Pty) Ltd., Johannesburg/South Africa 51.00 ZAR 189,537 21,353
Transit Underwriting Managers (Pty) Ltd., Cape Town/South Africa 51.00 ZAR 991 185
MUA Insurance Company Ltd., Cape Town/South Africa 51.00 ZAR 10,332 547
MUA Insurance Acceptances (Pty) Ltd., Cape Town/South Africa 40.80 ZAR 2,207 (2,168)
Garagesure Consultants and Acceptances (Pty) Ltd., Johannesburg/South Africa 40.80 ZAR 955 1,614
Cargo Transit Insurance (Pty) Ltd., Helderkruin/South Africa 40.80 ZAR (4,499) (1,977)
Landmark Underwriting Agency (Pty) Ltd., Bloemfontein/South Africa 38.51 ZAR 2,586 (361)
Hospitality Industrial and Commercial Underwriting Managers (Pty) Ltd.,
Johannesburg/South Africa
36.82 ZAR 2,375 2,472
SUM Holdings (Pty) Ltd., Johannesburg/South Africa 36.82 ZAR 19,068 3,418
Thatch Risk Acceptances (Pty) Ltd., Cape Town/South Africa 33.14 ZAR 1,466 2,219
Gem & Jewel Acceptances (Pty) Ltd., Johannesburg/South Africa 30.60 ZAR 974 3,116
Construction Guarantee (Pty) Ltd., Parktown/South Africa10 30.60 ZAR 6,969
Envirosure Underwriting Managers (Pty) Ltd., Durban/South Africa 30.60 ZAR (415) 1,275
Woodworking Risk Acceptances (Pty) Ltd., Pietermaritzburg/South Africa 30.60 ZAR 540 (970)
Film & Entertainment Underwriters SA (Pty) Ltd., Johannesburg/South Africa 26.01 ZAR (1,444) 35
Associated companies
Firedart & Construction Guarantee Underwriting Managers (Pty) Ltd., Johannesburg/South Africa 25.45 ZAR 11,321 6,473
Commercial & Industrial Acceptances (Pty) Ltd., Johannesburg/South Africa 20.40 ZAR 14,460 23,236
Clarendon Transport Underwriting Managers (Pty) Ltd., Johannesburg/South Africa1 16.66 ZAR 21,400 44,794
Camargue Underwriting Managers (Pty) Ltd., Parktown/South Africa 13.26 ZAR 7,274 3,168
Participations (non-consolidated)
Clarenfin (Pty) Ltd., Johannesburg/South Africa12 16.66 ZAR
Hannover Re Real Estate Holdings, Inc., Orlando/USA9 95.10 USD 377,855 32,023
Hannover Re Real Estate Holdings, Inc. compiles its own subgroup financial statement
in which the following companies are included:
Consolidated companies
5115 Sedge Corporation, Chicago/USA9 95.10 USD 564 (1,075)
5115 Sedge Boulevard, LP, Chicago/USA9,11 95.10 USD (1,574) (1,622)
GLL HRE CORE PROPERTIES, LP, Wilmington/USA9 95.00 USD 198,698 38,168
11 Stanwix, LLC, Pittsburgh/USA9 95.00 USD 30,139 546
One Winthrop Square, LLC, Wilmington/USA9 95.00 USD 22,196 630
402 Santa Monica Blvd, LLC, Wilmington/USA9 95.00 USD 31,358 706
300 South Orange Avenue, LLC, Orlando/USA9 95.00 USD 55,104 1,209
465 Broadway, LLC, Wilmington/USA9,10 95.00 USD (1,085) 13,757
Nashville (Tennessee) West, LLC, Wilmington/USA9 95.00 USD 30,611 (217)
1225 West Washington, LLC, Tempe/USA9 95.00 USD 22,162 31
975 Carroll Square, LLC, Washington D.C./USA9 95.00 USD 60,519 431
GLL Terry Francois Blvd, LLC, Wilmington/USA9,10 48.40 USD 4,823 51,980
Associated companies resident in Germany
Oval Office Grundstücks GmbH, Hannover/Germany1 50.00 EUR 59,657 1,804
WeHaCo Unternehmensbeteiligungs-GmbH, Hannover/Germany4 32.74 EUR 87,625 5,314
HANNOVER Finanz GmbH, Hannover/Germany4 25.00 EUR 70,674 7,194
Associated companies resident abroad
ITAS Vita S.p.A., Trent/Italy4 34.88 EUR 76,354 55
ASPECTA Assurance International AG, Vaduz/Liechtenstein4 30.00 CHF 15,964 6,297
Participations abroad (non-consolidated)
International Hannover Holding AG, Hannover/Germany12 100.00 EUR 44 (3)
Capital System GmbH, Hannover/Germany4 49.00 EUR 211 (64)
Participations abroad (non-consolidated)
International Mining Industry Underwriters Limited, London/United Kingdom1 100.00 GBP 480 70
HR Hannover Re, Correduría de Reaseguros, S.A., Madrid/Spain1 100.00 EUR 266 35
LRA Superannuation Plan Pty Ltd., Sydney/Australia12 100.00 AUD
Mediterranean Reinsurance Services Ltd., Hong Kong/China10,13 100.00 USD 125
Hannover Re Services Japan K.K., Tokio/Japan1 100.00 JPY 94,533 1,683
Hannover Re Consulting Services India Private Limited, Mumbai/India8 100.00 INR 58,620 7,973
Hannover Life Re Consultants, Inc., Orlando/USA4 100.00 USD 201 2
Hannover Services (México) S.A. de C.V., Mexico City/Mexico4 100.00 MXN 10,777 225
Hannover Re Services USA, Inc., Itasca/USA 100.00 USD 872 27
Hannover Rückversicherung AG Escritório de Representação no Brasil Ltda., Rio de Janeiro/Brazil4 100.00 BRL 320 (58)
L&E Holdings Limited, London/United Kingdom1 100.00 GBP 9 82
London & European Title Insurance Services Limited, London/United Kingdom1 100.00 GBP 80 (283)
Hannover Re Services Italy S.R.L., Milan/Italy1 99.64 EUR 485 103
Glencar Underwriting Managers, Inc., Itasca/USA4 95.90 USD 1,789 (713)
Secquaero Re Vinyard IC Ltd., St Peter Port/Guernsey5 74.09 USD 2,075
Hannover Care AB, Stockholm/Sweden4 30.00 SEK 446 (1,363)
Energi, Inc., Peabody/MA, USA4 28.50 USD 6,758 (884)
Energi Insurance Services, Inc., Peabody/MA, USA4 28.50 USD 738 (567)
Energi of Canada Ltd., Toronto/Kanada14 28.50 CAD
Energi Re, LLC, Dover/USA4 28.50 USD 336 86
Hurst Holme Insurance Company Limited – account 2006-03 SCC, Hamilton/Bermuda4 28.50 USD 818 38
Hurst Holme Insurance Company Limited – account 2009-01 SCC, Hamilton/Bermuda4 28.50 USD 2,577 1,000
XS Direct Holdings Limited, Dublin/Irland4 25.00 EUR 1,741 (3,129)
SimShare Limited, Dublin/Irland4 25.00 EUR 645 (2,448)
XS Direct Insurance Brokers Limited, Dublin/Irland4 25.00 EUR 36 208
Indemnity Guarantee Company Limited, Dublin/Irland4,10 25.00 EUR (6)
Sciemus Power MGA Limited, London/United Kingdom4 25.00 GBP 1
PlaNet Guarantee (SAS), Saint-Ouen/France4 23.58 EUR 651 (797)
Iconica Business Services Limited, Bradford/United Kingdom5 18.75 GBP 301
Acte Vie S.A. Compagnie d’Assurances sur la Vie et de Capitalisation, Strasbourg/France4 9.38 EUR 8,404 140

Consolidation of special purpose entities

Business relations with special purpose entities are to be examined in accordance with SIC-12 “Consolidation – Special Purpose Entities” with an eye to their implications for consolidation. In cases where IFRS do not currently contain any specific standards, Hannover Re’s analysis – in application of IAS 8 “Accounting Policies, Changes in Accounting Estimates and Errors” – also falls back on the relevant standards of US GAAP.

Retrocessions and Insurance-Linked Securities (ILS)

Since 2010, as part of its extended Insurance-Linked Securities (ILS) activities, Hannover Re has written a number of so-called collateralised fronting arrangements under which risks assumed from ceding companies are passed on to institutional investors outside the Group using special purpose entities. The purpose of such transactions is to directly transfer clients’ business. Due to the lack of a controlling influence over the special purpose entities involved, there is no consolidation requirement for Hannover Re with respect to these structures.

In connection with the sale of the operational companies of the subgroup Clarendon Insurance Group, Inc. (CIGI), Wilmington, to Enstar Group Ltd., Hamilton/Bermuda, in July 2011, a partial portfolio of CIGI was retroceded to a special purpose entity. The term of the retrocession arrangement runs until the underlying obligations have been finally settled. Since Hannover Re is not the major beneficiary of the special purpose entity and does not exercise either indirect or direct control over it, there is no requirement to consolidate this special purpose entity.

Securitisation of reinsurance risks

The securitisation of reinsurance risks is largely structured through the use of special purpose entities.

In September 2012 Hannover Re issued another catastrophe (“CAT”) bond for the purpose of transferring to the capital market peak natural catastrophe exposures deriving from European windstorm events. The term of the CAT bond, which has a volume of nominally EUR 100.0 million, runs until 31 March 2016; it was placed with institutional investors from Europe, North America and Asia by Eurus III Ltd. Eurus III Ltd. is a special purpose entity domiciled in Hamilton/Bermuda that was registered in August 2012 as a “special purpose insurer” under the Bermuda Insurance Act 1978. The retrocessions concluded with the special purpose entity under the transaction afford Hannover Re, E+S Rückversicherung AG and Hannover Re (Bermuda) Ltd. protection against the aforementioned catastrophe risks. Since Hannover Re does not exercise a controlling influence over Eurus III Ltd., there is no consolidation requirement for the special purpose entity.

By way of its “K” transactions Hannover Re has raised further underwriting capacity for catastrophe risks on the capital market. The “K Cession” (formerly “K6”), which was placed with investors in North America, Europe and Asia, involves a quota share cession on worldwide natural catastrophe business as well as aviation and marine risks. The volume of this securitisation, which was increased in the year under review, was equivalent to EUR 268.0 million (EUR 258.8 million) as at the balance sheet date. The transaction henceforth has an indefinite term and can be cancelled annually by the investors. Kaith Re Ltd., a special purpose entity domiciled in Bermuda, is being used for the securitisation.

Hannover Re also uses the special purpose entity Kaith Re Ltd. for various retrocessions of its traditional covers to institutional investors. In accordance with SIC-12 Kaith Re Ltd. is included in the consolidated financial statement.

In July 2009 Hannover Re issued a catastrophe (“CAT”) bond with the aim of transferring to the capital market peak natural catastrophe exposures deriving from European windstorm events. The CAT bond, which had a volume of nominally EUR 150.0 million, had a term until 31 March 2012 and ended as per the contractual agreement; it was placed with institutional investors from Europe and North America by Eurus II Ltd., a special purpose entity domiciled in the Cayman Islands. Hannover Re did not exercise a controlling influence over the special purpose entity. Under IFRS this transaction was to be recognised as a financial instrument.

Life and health reinsurance assumed

Some transactions in the life and health reinsurance segment necessitate the involvement of ceding special purpose entities as contracting parties that are established by parties outside the Group and from which member companies of the Hannover Re Group assume certain underwriting and/or financial risks in respect of which the probability of occurrence of a loss for Hannover Re is to be categorised as low in each case. The transactions largely serve the purpose of financing statutory reserves (so-called Triple-X or AXXX reserves) and transferring extreme mortality risks above a contractually defined retention. Since Hannover Re does not bear the majority of the economic risks or benefits arising out of its business relations with these special purpose entities and cannot exercise a controlling influence over them, there is no consolidation requirement for Hannover Re. Depending upon the classification of the contracts pursuant to IFRS 4 or IAS 39, the transactions are recognised either in the technical account or as derivative financial instruments or as financial guarantees. Please see also our remarks in Section 8.1 “Derivative financial instruments and financial guarantees”.

Investments

Within the scope of its asset management activities Hannover Re has participated since 1988 in numerous special purpose entities – predominantly funds –, which for their part transact certain types of equity and debt capital investments. On the basis of our analysis of our relations with these entities we concluded that the Group does not exercise a controlling influence in any of these transactions and a consolidation requirement therefore does not exist.

Hannover Re participates – primarily through the companies Secquaero ILS Fund Ltd. (Secquaero) and Hannover Insurance-Linked Securities GmbH & Co. KG (HILS) – in a number of special purpose entities for the securitisation of catastrophe risks by investing in “disaster bonds” (or “CAT bonds”). While HILS will continue to manage its portfolio, future new business in this area will be written by the Leine Investment companies. In this connection please see also our remarks on the companies Leine Investment General Partner S.à. r.l. and Leine Investment SICAV-SIF in Section 4.3 “Major acquisitions and new formations”. Since Hannover Re cannot exercise a controlling influence in any of these transactions either there is no requirement to consolidate the relevant special purposes entities.

Secquaero has established a special purpose entity which is used to transform underwriting risks for the capital market and in which it holds all the voting rights. Given that the scale of the business relations with the special purpose entity is of minor significance to the consolidated financial statement of Hannover Re, the company is not consolidated.

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