GLOBALE Rückversicherungs Finance Alpha B.V.
Gerling Global Fin. Alpha english
Gerling Reinsurance concentrates on European Property and Casualty Business
Corporate-news transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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Gerling Reinsurance concentrates on European Property and Casualty Business
Worldwide Life reinsurance business to be expanded
Pursuant to Article 9 of Rules and Regulations of the Luxembourg Stock Exchange
Gerling Global Finance Alpha B.V. reports as follows:
In order to benefit optimally from the chances offered by the renewal season
this coming fall, Gerling Globale Rückversicherungs-AG, the guarantor of the
Euro 220,000,000 Subordinated Step-up Fixed/Floating Rate Bond, and its
subsidiaries will focus attention on European Non-Life markets and worldwide
Life reinsurance business.
Gerling Global Reinsurance Corporation of America (GGRCA), which is part of the
Gerling Reinsurance Group, will therefore not write any new business but
continue its administration of existing treaties which is expected to produce
run-off profits.
In the current financial year GGRCA, New York, expects gross premium revenues of
about 700 million dollars. Of the current 220 employees, some 100 will – for
the time being – retain jobs with the company in 2003. The Gerling Reinsurance
Group overall has a premium volume of over 5 billion euros.
end of announcement (c)DGAP 02.08.2002
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WKN: 701555; ISIN: XS0133491000; Index:
Listed: Börse Luxembourg
020837 Aug 02
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