Thalanx may need to sell German reinsurer Hannover Re - analysts |
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Published
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Tue, 26 Jun 2007 12:10
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LONDON (Thomson Financial) - Germany-based reinsurer Hannover Rückversicherung AG may need to be sold if owner Thalanx achieves its stated aim of international expansion via a merger or an acquisition, according to two sector analysts who did not wished to be named.One analyst pointed out primary insurance providers rarely hold reinsurance units.Another analyst agreed rival primary insurance providers may hesitate to provide the reinsurance subsidiary with business once Thalanx has achieved 'a critical size'.At the group's annual general meeting last week, Thalanx chief executive Herbert Haas said the company is exploring the possibility of a merger with a foreign rival to reduce its dependency on the German market.One of the conditions of any combination is that Talanx would hold at least 51 pct in any merged entity, he added.A spokesperson added Thalanx has focussed its expansion plans on some regions including Italy, Middle and Eastern Europe and Latin America.Haas' remarks follow Hannover Re's failure to acquire Banca Monte dei Paschi di Siena SpA (BMPS). BMPS had announced an agreement in March with French insurance group AXA to establish a long-term strategic partnership in life and non-life bancassurance as well as pensions.Alexander.Wessendorff@thomson.comaw/ms1COPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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Hannover Re Q1 EBIT declines to 154.2 mln eur due to winter storm Kyrill UPDATE 