Revocation of existing approval and granting of new approval to hold a stake in a financial sector company of more than 20% No. 28 of 2021 (Cth)

Revocation of existing approval and granting of new approval to hold a stake in a financial sector company of more than 20% No. 28 of 2021

Financial Sector (Shareholdings) Act 1998

To: The persons in schedule 1 (the Existing Approval Holders) and the persons named in schedule 2 (the Applicants)

SINCE:

1. On 29 November 2018, the Existing Approval Holders were granted approval under section 14(1) of the Financial Sector (Shareholdings) Act 1998 (the Act) to hold a 100% stake in HDI Global Specialty SE ABN 58 129 395 544 (HGS) (formally International Insurance Company of Hannover SE), a financial sector company under the Act (the Existing Approval);

B. On 10 December 2021, the Existing Approval Holders requested that the Existing Approval be revoked;

C. On 10 December 2021, the Applicants applied to the Treasurer under section 13 of the Act for the following approval:

1. HDI Haftpflichtverband der Deutschen Industrie Versicherungsverein auf Gegenseitigkeit (HDI VaG) to hold a 100% stake in each of Talanx AG (Talanx), HDI Global SE ABN 55 490 279 016 (HG), HDI Global Specialty Holding GmbH (HGSH) and HGS, each a financial sector company under the Act;

b. Talanx to hold a 100% stake in HG, HGSH and HGS, each a financial sector company under the Act;

c. HG to hold a 100% stake in HGSH and HGS, each a financial sector under the Act; and

d. HGSH to hold a 100% stake in HGS, a financial sector company under the Act.

D. I am satisfied it is in the national interest to grant the approval.

I, Gloria Yu, a delegate of the Treasurer:

(a) under section 18(3) of the Act revoke the Existing Approval, with the revocation commencing on and from 31 March 2022; and

(b) under section 14(1) of the Act approve: 1. HDI VaG holding a 100% stake in each of Talanx, HG, HGSH and HGS;