With a view to streamlining the Group structure, Hannover Re transferred all the business of its subsidiary Hannover Life Reassurance (UK) Ltd., Virginia Water, to a newly established branch of the parent company Hannover Re with the same registered office effective 1 January 2013 by way of a so-called “Part VII transfer”. The branch, which was still inactive as at the balance sheet date, will trade under the name Hannover Re UK Life Branch and was registered on 3 December 2012 under the Companies Act 2006. Hannover Life Reassurance (UK) Ltd. was deleted from the Commercial Register on 8 January 2013.

In the third quarter of 2012 Hannover Reinsurance (Ireland) Public Limited Company (formerly Hannover Reinsurance (Ireland) Limited, a wholly owned subsidiary of Hannover Rück Beteiligung Verwaltungs GmbH, HRBV), was merged into Hannover Life Reassurance (Ireland) Public Limited Company (formerly Hannover Life Reassurance (Ireland) Limited, a wholly owned subsidiary of Hannover Life Re AG). In order to implement the merger HRBV transferred Hannover Reinsurance (Ireland) to Hannover Life Reassurance (Ireland) via several intermediate steps by way of a capital increase against contribution in kind. On 19 July 2012 the Commercial Division of the Irish High Court gave final approval to the merger of the companies. The measure was executed in law effective 3 September 2012. The new trading name of the absorbing entity is Hannover Re (Ireland) Public Limited Company. Since this internal restructuring within the Group involves a transaction between companies under common control, the transaction does not give rise to goodwill nor does it have any implications for Group net income.

In the context of several capital increases in 2012 due to the participation of external investors in Secquaero ILS Fund Ltd., in which Hannover Re did not take part, the participating interest held by Hannover Re in the company decreased progressively with no change of control status to 74.09% as at the balance sheet date.

Within the South African subgroup Hannover Reinsurance Group Africa (Pty) Ltd., Johannesburg, business and assets of the subsidiary Construction Guarantee (Pty) Ltd, Parktown, (Construction Guarantee) were transferred to Firedart & Construction Guarantee Underwriting Managers (Pty) Ltd., Johannesburg, (Firedart) in the second quarter of 2012. Firedart, in which Lireas Holding (Pty) Ltd., Johannesburg, acquired a 49.9% interest in the year under review, has been included at equity in the subgroup financial statement since the date of acquisition. Construction Guarantee was in liquidation as at the balance sheet date.