A European reinsurer is setting up a life reinsurance subsidiary in the Caribbean.

Hannover R?ckversicherung A.G. Hannover, Germany, says the new subsidiary, Hannover Life Reassurance Bermuda Ltd., Hamilton, Bermuda, will focus on reinsuring life, health, annuity and personal accident business in the Canada, Ireland, South Africa, the United Kingdom and several Asian markets.

Hannover Life Re Bermuda will start with the equivalent of about $150 million in capital.