Ulrich Wallin, CEO of Hannover Re, in front of the reinsurer's headquarters in Hanover, Germany. (AP Photo/Axel Heimken)

(Bloomberg) — Hannover Re, the world’s third-biggest reinsurer, rose the most in more than two years after saying it will pay a special dividend and fourth-quarter profit climbed more than analysts estimated.

The shares increased as much as 5.6% in Frankfurt trading, the biggest intraday gain since November 2012. They climbed 5.2% to 91.65 euros at 11:44 a.m., extending this year’s advance to 22% and valuing the company at about 11 billion euros. The Bloomberg Europe 500 Insurance Index rose 16% over the same period.

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