Hamburger Internationale Rückversicherung AG (“HIR”), part of Tawa Plc has taken over all assumed reinsurance contracts of Niedersachsen Versicherungs-AG (“Niedersachsen”). The portfolio was transferred in accordance with the provisions of § 14 VAG (German Insurance Supervisory Law) and with the successfully obtained approval of the Bundesanstalt für Finanzdienstleistungsaufsicht (“BaFin” – German Insurance Supervisory Authority). The portfolio transferred contains predominantly liability and marine contracts in run-off.
HIR has outsourced the administration of the book to Pro. Pro administers all of HIR’s portfolios.