The Supervisory Board of Hannover Rückversicherung AG (Hannover Re) has approved a resolution of the Executive Board to transform the company into a European public limited company (Societas Europaea, or SE).
The proposed change in legal form will be presented for approval at the reinsurer’s Annual General Meeting, scheduled to be held on May 3, 2012.
When the transformation into an SE is approved, Hannover Re’s existing shareholders “will automatically become shareholders of Hannover Rück SE; the rights of shareholders remain unaffected,” said the announcement. “Nor is the change in legal form expected to have any implications for clients and employees of Hannover Re.”
The bulletin explained that the change in legal form into an SE “reflects the increasingly international character both of Hannover Re’s business activities and its workforce.
“At the same time, the legal form of an SE enables the company to relocate its registered office within the European Union. This could become significant in connection with the implementation of Solvency II. Hannover Re does not, however, have any concrete plans for such a relocation of its registered office at the present time.”
When the final approvals and transfers are completed – around the beginning of 2013 – Hannover Re will join Germany’s Allianz and France’s SCOR Group as a trans-European corporation.
Source: Hannover Re
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