Gerling Gets $150 Million, Dumps Surety
NU Online News Service, Jan 8, 10:05 a.m. EST?Gerling Global Reinsurance Corporation of America yesterday announced a $150 million capital contribution from its parent, Gerling Global Re of Cologne, Germany, and said it would eliminate some reinsurance product lines, including surety.
New York-based Gerling Global Reinsurance Corporation of America said in a statement that the capital contributions will enable the U.S. company to maximize business opportunities in the current reinsurance market environment and position the company for the future.
The U.S. company also announced an initiative to streamline operations, saying that it will no longer offer surety, fidelity and credit reinsurance products. The company explained that the initiative would allow the company to concentrate its efforts on core competencies.
The reinsurer lists property treaty, casualty treaty, property facultative and casualty facultative reinsurance among its major lines of business.
Gerling Global Reinsurance Corp. of America is the U.S. flagship company of Gerling Global Re, comprising roughly 20 percent of the Gerling Global Re worldwide portfolio of reinsurance business.
Gerling Global Re is part of the Gerling organization, an international insurance and reinsurance group with operations in 30 countries.
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