HIR completes substantial run-off deal

Hamburger Internationale Rückversicherung AG (HIR), part of Tawa Plc, has acquired Lower Insurance AG’s reinsurance portfolio, which contains predominantly liability and marine contracts in run-off.

The move follows HIR taking over parts of the reinsurance contracts in run-off of SV SparkassenVersicherung Holding, Stuttgart, in 2011, Oberösterreichische Versicherung, Linz, in 2012 and all the assumed reinsurance contracts of Niedersachsen Versicherungs-AG in January 2013.

The administration of the transferred portfolio within HIR will be outsourced to Chiltington International. Chiltington is a subsidiary company of HIR and administers all HIR’s own portfolio and the portfolios of its subsidiary companies.