Swiss Re sets up joint credit insurance firm
Swiss Re, the world's second-biggest reinsurance group, says its Dutch NSC credit insurance subsidiary is to merge with a unit of Germany's Gerling insurance group.
The deal, announced on Wednesday, will create a new company – Gerling NCM – with a global market share of 25 per cent and expected gross premiums of SFr1.68 billion ($1 billion).
Swiss Re, which has a 90 per cent stake in NCM, will receive an undisclosed amount in cash and shares from the transaction and will own 25 per cent of the new company. A stock market flotation is being planned.
Gerling is 70 per cent owned by Rolf Gerling with Deutsche Bank being the only other shareholder.
swissinfo with agencies
In compliance with the JTI standards
More: SWI swissinfo.ch certified by the Journalism Trust Initiative
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.