As per December 30, 2011, Hamburger Internationale Rückversicherung AG (“HIR”) took over parts of the cancelled assumed foreign reinsurance contracts in run-off of SV SparkassenVersicherung Holding AG (“SVH”). The portfolio was transferred in accordance with the provisions of § 121 f VAG (German Insurance Supervisory Law) and with the successfully obtained approval of the Bundesanstalt für Finanzdienstleistungsaufsicht (“BaFin” – German Insurance Supervisory Authority). Therefore, all rights and liabilities under this portfolio are passed over to HIR. The portfolio transferred contains foreign, mainly US related business, predominantly liability and marine contracts in run-off. Intention for this transfer was a restructuring of the reinsurance portfolio of SVH.
Future administration of the transferred portfolio within HIR will be outsourced to Chiltington International GmbH („Chiltington“). Chiltington is a daughter company of HIR and is dealing with the administration of HIR’s own portfolio and the portfolios of its daughter companies already.
Contact
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Josef Habermayr |
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+49 (0) 711/ 898-48470 |
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Reinsurance Manager
SV SparkassenVersicherung |
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Dr. Hubertus Labes |
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+49 (0) 4101 471 104 |
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Member of Executive Board
Hamburger Internationale Rückversicherung AG |
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About SV:
SV SparkassenVersicherung (SV) combines the insurance products of the Sparkassen-Finanzgruppe (German Savings Bank Finance Group) in the regions of Baden-Württemberg, Hessen, Thuringia and parts of Rhineland-Palatinate. The headquarter of the Group is in Stuttgart. SV's premium income amounts to some 3.5 billion Euros. This makes SV one of the largest German public sector insurers. In the market of residential building insurance SV takes first place throughout Germany. SVH is parent company of SV insurance group. For further information: www.sparkassenversicherung.de
About HIR/Chiltington:
HIR acted a reinsurer since 1965. As of 1990 HIR ceased most of its underwriting and changed its business model. The major part of the reinsurance business of HIR is in run-off since. A small number of life reinsurance contracts of HIR are currently continued. HIR’s license also covers the take-over of reinsurance portfolios in run-off. In the context of a continuation of its business model and in order to secure its independence, HIR already in the past took-over certain reinsurance businesses such as Pavant International Re S.A. (former PFA Re). HIR will also in the future focus on such portfolio transfers resp. the purchase of (re)insurance companies especially in Continental Europe. It is expected that this development will be supported by the implementation of Solvency II.
Chiltington is an international consultancy offering services exclusively to the insurance and reinsurance industry worldwide. Chiltington, founded in 1982 in London, has six offices and six representative offices in four continents and belongs to Tawa group. Product examples range from all kinds of portfolio inspections, audits, due diligence, process and profitability optimization, but also arbitration and litigation support, as well as from market expansion to all options of exit solutions, transfer support, restructuring and outsourcing solutions
