GLOBALE Rückversicherungs Finance Alpha B.V.
Gerling Global Fin. Alpha english
Corpoprate-news processed and transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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Pursuant to Article 9 of the Rules and Regulations of the Luxembourg Stock
Exchange Gerling Global Finance Alpha B.V., Amsterdam, makes the following
announcement:
The ad-hoc announcement of 13 September 2001 advised an expected loss burden
for Gerling Globale Rückversicherungs-AG (Gerling Global Re) from the terrorist
attacks in the USA in the range from EUR 50 to 70 million. This first estimate
needs to be corrected in the light of information now available as it has
become apparent that not only the World Trade Center towers but also numerous
adjacent buildings were destroyed or damaged. A careful evaluation of the
information at present accessible suggests that the financial burden for
Gerling Global Re before tax might reach a size of EUR 220 million to 270
million. This would amount to about 6 percent of the annual premium volume.
The financial burden at the charge of Gerling Global Re results primarily from
reinsurance treaties for business of the Property and Aviation Liability
insurance classes. However, Gerling Global Re has no share in the individual
insurance of risks covered for the World Trade Center complex.
So far, no concretized claims have been advanced by primary insurers. The
amounts now advised are therefore still subject to change.
In the light of the size of the loss as estimated at this time, a significant
impact on the 2001 annual result has to be anticipated. Nevertheless, the
financial strength of Gerling Global Re and the companies of the Gerling Group
is in no way questionable.
end of announcement (c)DGAP 24.09.2001
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WKN: 701555; Index:
Listed: Börse Luxembourg
241756 Sep 01
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