Atlantic Capital Corporation, Wilmington, which was owned by Hannover Finance, Inc., Wilmington, was liquidated on 22 December 2016. Deconsolidation had no effect on income.
Following the sale of the property that it held and repatriation of the capital in the previous year, Oval Office Grundstücks GmbH, Hannover, ceased its business operations. Against this backdrop, the measurement of the company at equity was discontinued on materiality grounds with effect from the first quarter of 2016 and since then the company has been recognised as a participating interest at amortised cost. The expense resulting from deconsolidation was in a negligible amount.
Within the US subgroup Hannover Re Real Estate Holdings, Inc., the special purpose property company 300 South Orange Avenue, LLC, Orlando, was liquidated in December 2016. The property previously held by the company had already been sold at the end of 2014.