talanx group annual report 2011 en

Nature of risks Notes on the balance
sheet – assets
Notes on the balance
sheet – liabilities
Notes on the
statement of income
Other information List of shareholdings
Acquisitions and establishments
On 1 April 2011 Talanx International AG (TINT), Hannover, acquired all the shares of Saint Honoré
Iberia SL, Madrid, Spain. As a holding company, the latter holds interests of 99.231% in the intermediate
holding company Protecciones Esenciales S. A., Buenos Aires, Argentina, and 10% in the insurance
company L’Union de Paris Cía. Uruguaya de Seguros S. A., Montevideo, Uruguay. The intermediate
holding company itself holds a stake of 98.771% in the hitherto privately owned L’UNION de Paris
Cía. Argentina de Seguros S. A., Buenos Aires, Argentina. For its part, L’UNION de Paris Cía. Argentina
de Seguros S. A. holds a 90% stake in the hitherto privately owned L’Union de Paris Cía. Uruguaya de
Seguros S. A.
On the same date our Chilean subsidiary Inversiones HDI Limitada, Santiago, Chile, acquired interests
of 0.769% in the intermediate holding company Protecciones Esenciales S. A. and 1.229% in
the Argentinian company L’UNION de Paris Cía. Argentina de Seguros S. A. All four companies were
consolidated for the first time in the second quarter of 2011 (see also our remarks in the chapter,
“Business combinations in the reporting period”).
TINT raised its stake in HDI Seguros S. A., São Paulo, Brazil, from 99.9977% to 99.9979% through two
capital increases implemented in the first quarter of 2011 in which the minority shareholders did
not participate. By way of a capital increase implemented in March 2011 at HDI STRAKHUVANNYA,
Kiev, Ukraine, TINT increased its participation in the company from 99.2240% to 99.2795%.
With effect from the closing on 27 April 2011 HDI-Gerling Industrie Versicherung AG (HG-I),
Hannover, acquired all the shares of Nassau Verzekering Maatschappij N. V. (Nassau), Rotterdam.
After the insurance portfolio of its German branch was spun off, the acquired company was merged
in the fourth quarter of 2011 with retroactive effect as at 1 January 2011 into our Dutch insurance
company HDI-Gerling Verzekeringen N. V., Rotterdam. Further information on the initial consolidation
of Nassau is provided in the chapter of the Notes entitled “Business combinations in the
reporting period.” Nassau also holds a stake of 25% in VOV Verwaltungsorganisation für Vermögensschadenhaftpflicht-Versicherungen
für Mitglieder von Organen juristischer Personen GmbH,
Cologne. Since it is immaterial to the assets, financial position and net income of the Group, this
company is not consolidated at equity in the consolidated financial statement.
International Hannover Holding AG was established in the second quarter with registered office in
Hannover. The company, the subscribed capital of which amounts to EUR 50,000, is a wholly owned
subsidiary of International Insurance Company of Hannover Ltd., Bracknell, United Kingdom, which
in turn is wholly owned by Hannover Re. The business object of the company is to hold, acquire and
sell participating interests in other companies.
In the course of the second quarter Funis GmbH & Co. KG, a wholly owned subsidiary of Hannover
Re, acquired a participating interest in Glencar Underwriting Managers, Inc., based in Chicago,
United States, with a capital contribution of USD 98,000 (corresponding to 49% of the share capital).
The business object of the company will primarily be to underwrite specialty lines as well as
property and casualty program business. Preference shares in an amount of roughly USD 2 million
were purchased in the course of the third quarter of 2011.
Since they are immaterial to the assets, financial position and net income of the Group, International
Hannover Holding AG and Glencar Underwriting Managers, Inc. are not included in the
consolidated financial statement.
Talanx Group. Annual Report 2011
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