GLOBALE Rückversicherungs Finance Alpha B.V.
Gerling Global Fin. Alpha english
Gerling Global Finance Alpha B.V., Amsterdam
Corporate-news processed and transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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Gerling Re: Capital Increase, New Strategic Course and Changes in the Executive
Board
In compliance with the Rules and Regulations of the Luxembourg Bourse, Article
9, Gerling Global Finance Alpha B.V., Amsterdam, makes the following
announcement:
Gerling-Konzern Globale Rückversicherungs-AG (GGRe), the Guarantor of
EUR220,000,000 Subordinated Step-up Fixed/Floating Rate Bonds, anticipates a
loss of EUR500 million according to IAS (EUR410 million under German Commercial
Code) for the 2001 business year. This is mainly due to the damages arising
from the September 11 (World Trade Center) incident in 2001 that – based on
latest data – accounts for an estimated EUR300 million of the operating loss,
the strengthening of reserves in the USA (inter alia for asbestos) and further
substantial claims having an extraordinary impact.
To strengthen the equity capital base, an extraordinary general meeting today
resolved to increase the GGRe equity capital by EUR300 million. GGRe will
restructure its portfolio and embark on a new strategic course. In view of the
positive outlook for the sector as a whole for the current business year, a
profit at least equaling that of the business year 2000 year (EUR100 million) is
expected.
During its meeting on the same day, GGRe’s supervisory board acknowledged the
resignation of Mr. Norbert Strohschen from the executive board and appointed,
as of today Mr. Björn Jansli (55) as new chairman of the executive board. Mr.
Jansli commands extensive experience in the reinsurance business. He was with
GGRe from 1984 to 1990, and between 1990 and 1999 was responsible for Gerling’s
reinsurance and industrial insurance business in London. In February 1999 he
was appointed chairman of executive board of the Gerling-Konzern Allgemeine
Versicherungs-AG and elected member of the board of the Gerling Group Holding.
Mr. Jansli will continue to hold these mandates.
As of today, the supervisory board appointed Mr. Uwe Eymer as deputy chairman
of the executive board (Chief Operating Officer) and Mr. Stephan Knipper (44),
who until now has been managing director of Gerling Global General and
Reinsurance Company Ltd., London, and Mr. Hans-Joachim Guenther (38),
previously managing director of Gerling Globale Rückversicherung AG, Zug,
Switzerland, as new members of the GGRe executive board. Mr. Volker D.
Weisbrodt (42) will remain member of the GGRe executive board.
Mr. Gerhard Niebuhr (64), who takes retirement, will resign from his office as
member of the GGRe executive board.
Gerling Global Finance Alpha B.V., Amsterdam, will adhere to its intention not
to make use of its contractual right to defer interest payments but to make
such interest payments as far as no other material circumstances require a
different decision.
end of announcement (c)DGAP 12.03.2002
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WKN: 701555; ISIN: XS0133491000; Index:
Listed: Börse Luxembourg
122112 Mär 02
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