These are long term contracts with Hannover Re lasting for 10 years whilst the Munich Re deal has a 15 year duration. Elsewhere in Europe, Admiral has extended some of its existing reinsurance deals with Munich Re, most significantly in its Spanish and Italian operations with extensions totalling 15 years. According to the FTSE100 constituent, the new deals have a stronger alignment of long term interests and higher profit commissions for Admiral if results are very positive. The British operation extended its Munich Re contract by a further 2 years, taking it to 2016.