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4.5 Other corporate changes
Effective 1 February 2017 the Indian branch Hannover Rück SE – India Branch, Mumbai, commenced business operations.
In the previous year Hannover Re had acquired all the shares in the company The Congregational & General Insurance Public Limited Company (CGI), Bradford, UK, through its subsidiary International Insurance Company of Hannover SE, Hannover. Following delicensing by the national Financial Conduct Authority on 27 December 2017, CGI was transferred in its entirety to its parent company under a Part VII transfer and legally extinguished. In view of the fact that this involves an internal transaction within the Group, it does not give rise to any implications for Group net income.
Effective 21 December 2017 Hannover Life Reassurance Company of America, Orlando, USA, transferred all the shares in Hannover Life Reassurance Company of America (Bermuda) Ltd., Hamilton, Bermuda, to Hannover Finance, Inc., Wilmington, USA. This internal transaction within the Group has no implications for Group net income.