GLOBALE Rückversicherungs Finance Alpha B.V.
Gerling Global Fin. Alpha english
Gerling set to reposition itself as primary insurance group
Corporate-news announcement sent by DGAP.
The sender is solely responsible for the contents of this announcement.
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Complete withdrawal from reinsurance business
Gerling is about to reposition itself as a primary insurance group:
The Group intends to concentrate on its core values and position itself as an
integrated industrial insurer. Its focus will be on industrial property and
casualty business, credit insurance and company pension schemes, and on client
staff, association and target-group business.
To this end, Gerling is divesting its entire reinsurance business. This will be
taken over at the turn of the year by a company headed by Dr. Achim Kann. As a
consequence, no risks from the reinsurance business will remain with the primary
insurance group. The transaction is subject to the usual proviso of approval by
the supervisory bodies.
Dr. Kann, long-time Board Chairman at Frankona Re, is able to look back on
decades of experience and has the outstanding know-how in international
reinsurance that will be necessary for the tasks ahead. If need be, other
partners will join the consortium. In the process, Dr. Kann will strengthen the
substance of non-Life reinsurance business by concluding commutation agreements.
Life reinsurance business will be transferred to a subsidiary before
year’s end for early sale to an investor.
Launching a Group-wide “New Gerling” project, the primary insurance group will
be geared to typical Gerling values, with income in mind. “The repositioning
will make our Company that much more attractive and create favourable underlying
conditions for the upcoming change of shareholder in the Group”, says
Dr. Heinrich Focke, Chairman of the Board at Gerling Holding.
end of message, (c)DGAP 26.11.2002
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WKN: 701555; ISIN: XS0133491000; Index:
Listed: Börse Luxembourg
261620 Nov 02
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