Bermuda-based Scottish Re announced on Friday the completion of its ING individual life reinsurance business to Hannover Re.

The transaction received all necessary regulatory approvals.

Paul Goldean, chief executive officer of Scottish Re said: "It is a testament to the tenacity of our employees and board, in the current economic crisis, that we were able to successfully close this transaction. As disclosed in our disclosure Document posted on January 28, 2009 to our website, Scottish Re continues to execute complex and timely transactions to preserve value for its stakeholders.

"We wish the best to our employees transferring to Hannover Re and look forward to the challenges ahead."

Merrill Lynch & Co. served as the exclusive financial advisor for the transaction and Dewey & LeBoeuf served as the Company's legal counsel.