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Swiss Re sets up joint credit insurance firm

Swiss Re: the world's second biggest reinsurance company

(Keystone)

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


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