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Credit Suisse seeks 10% of Gerling industrial unit.
(From Insurance Day)
Byline: Herbert Fromme
CREDIT Suisse is negotiating with the Gerling group about taking over a 9.9% share in the latter's industrial insurer Gerling-Konzern Allgemeine (GKA), according to sources in the German insurance industry.
Due diligence proceedings are to start this week. Neither Gerling nor the Swiss banking and insurance group were prepared to make a statement on the matter.
Credit Suisse is seeing the involvement as an investment, sources said. The bank's insurance arm, Winterthur, is not involved. The 9.9% stake would be part of an overall solution under which Credit Suisse would also get a part of the reinsurer Gerling Global Re, which is in run-off. The bank is speculating that the run-off will be profitable at least in Europe.
For Gerling, the involvement of the bank in the industrial insurer GKA would be a significant step, but not a complete rescue. GKA is struggling for its very existence against the problems of the whole group and its own weak capital position.
Big industrial clients are demanding a much better rating than the current BB+ from Standard & Poor's. Within the next few weeks, Gerling has to have at least a BBB rating if the company is to be taken into account at all in the upcoming renewal. In 2002, GKA had E2.6bn ($2.9bn) premium income, making it at that time the ...
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