Canadian Underwriter

Gerling Group sells credit insurer

May 9, 2003   by Canadian Underwriter

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Hot on the heels of the sale of its Canadian primary insurance operation, Gerling Group announces the sale of its credit insurance operation, Gerling NCM.
The majority shareholding has been sold to Deutsche Bank and Swiss Re, reducing Gerling’s holding in the credit insurer to 3%. Deutsche Bank paid EUR 120 million and Swiss Re EUR 60 million, all in cash, for the stake.
As well, most of Deutsche Bank’s 34.6% stake in the Gerling holding company has been taken over by Rolf Gerling. He takes over 28.6%, with the other 6% going to Gerling supervisory board chair Dr. Joachim Theve.
“This creates a basis for both a successful run-off of Gerling Global Reinsurance and the re-capitalization of the Gerling Group,” states a company press release. Gerling executive board chair Bjorn Jansli says the transfer of stake from Deutsche Bank will give the group increased flexibility and freedom.
“Rolf Gerling remains determined to win a majority shareholder for the Gerling Group who will supply the required amount of fresh capital,” states the release. “A sale of the entire Group also remains among the possible alternatives.”

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