Hannover Re transferred a portfolio of life and annuity reinsurance to the international capital market.

The transaction — dubbed "L7" — encompasses a financing volume of €100 million ($131 million) and covers unit-linked life and annuity businesses of several European clients.   The transfer will enable Hannover Re to convert a future earnings steam into a current liquidity position and monetize an embedded value of €100 million as at year-end 2008.

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