Canadian Underwriter

Gerling Re stumbles as buyer talks fail

October 11, 2002   by Canadian Underwriter

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Cologne, Germany-based insurance group Gerling Konzern says its reinsurance operation Gerling Globale Ruck (GGR) may cease writing new business as from the end the coming week unless an investor can be found to support the troubled operation. Gerling recently announced that discussions with French insurance group Scor to acquire certain holdings of GGR had fallen through.
Based on the news that GGR will not be able to renew business arrangements that come up for negotiation at the end of this month, rating agency Standard and Poor’s says it will downgrade the company’s financial status. Gerling is said to be in discussions with the majority shareholder of Hannover Re, which the latter is believed to be interested in certain segments of GGR’s life business. Gerling has declined to comment on the discussions with Hannover Re.

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