Scottish Re Group Ltd. has closed on a deal to sell a large block of life reinsurance business to Hannover R?ckversicherung A.G.

Scottish Re, Hamilton, Bermuda, and Hannover Re, Hannover, Germany, now have received all necessary regulatory approvals to complete the transaction, according to Scottish Re.

The business sold consists of arrangements to reinsure individual life policies written by units of ING Groep N.V., Amsterdam.

“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,” Scottish Re Chief Executive Paul Goldean says in a statement.

A unit of Merrill Lynch & Company Inc., New York, served as the financial advisor in connection with the transaction.

In related news, Scottish Re says it has named Meredith Ratajczak to be president of the company’s North American business.

Meredith has been the company’s chief actuary and interim chief financial officer for the North American business. Before she began working for Scottish Re in 2006, she was a consulting actuary at Milliman Inc., Seattle, for 19 years.

She has a bachelor’s degree from Penn State University. She holds the Fellow of the Society of Actuaries professional designation.