Effective 3 July 2015 Hannover Reinsurance Africa Limited, Johannesburg, South Africa, a subsidiary of our subgroup Hannover Reinsurance Group Africa (Pty) Ltd., acquired further shares in Lireas Holdings (Pty) Ltd., also based in Johannesburg, for a purchase price equivalent to EUR 2.5 million from a third party outside the Group. Through an increase of 19.0% in its shareholding with no change of control status Hannover Reinsurance Africa Limited held 70.0% of the shares in Lireas Holdings upon closing of the transaction. The effects of the change in participating interest were recognised in the consolidated financial statement as an equity transaction in accordance with IFRS 10.

The Group company Hannover Re (Ireland) Limited, Dublin, Ireland, established a branch in Canada in February 2015. The Toronto-based branch trades under the name Hannover Re (Ireland) Limited Canadian Life Branch and was registered on 26 February 2015. The business object of the branch is to transact life and health reinsurance business.

The registered office of the Group company International Insurance Company of Hannover SE, London (“Inter Hannover SE”), was relocated from the United Kingdom to Hannover, Germany. Inter Hannover SE received approval to commence insurance operations in Germany and was entered in the commercial register in January 2015.