MUNICH (Bloomberg) — Hannover Re, the world's fourth-biggest reinsurer, completed the sale of its primary insurance unit to QBE Insurance Group Ltd."The sale was closed effective May 31 upon receipt of the required approval from regulators," Hannover Re said in an e-mailed statement on Friday.

Hannover Re, which has a presence in Bermuda, in December agreed to sell New York-based specialty insurer Praetorian Financial Group Inc. for $800 million to QBE, Australia's largest property and casualty insurer. Hannover Re expects gross written premiums to fall by about 10 percent this year, mainly because of the sale.