A report in the German edition of the Financial Times states that Deutsche Bank (DB) is seeking to find a way to divest its 34.5 percent stake in Gerling Global, as a result of the company’s large reinsurance losses.
Gerling announced yesterday that the losses, mainly from the Sept. 11 attacks, amount to € 500 million ($439 million) and DB was required to make an emergency capital injection of € 300 million ($263.4 million) to cover them, according to the FT.
As a result DB’s CEO Rolf Breuer reportedly is looking for ways to unload an investment that the FT calls “expensive and unprofitable.”|”report, deutsche, bank, seeks, divest, stake, in, gerling
Banks Still Face Legal Claims After $25 Billion Settlement
MF Global Judge to Examine Insurance Payments for Former Executives
Daredevil CEOs May Put Companies at Risk
California Independent Contractor Law May Be Liability for Agents, Brokers
North Carolina Continues Auto Regulation Debate As Rates Stay Same for 2012
Long-time California Lobbyist Looks to 2012 Legislation Affecting Insurance
Mine Safety Chief Seeks to End Complacency Over Safety
Virginia Court Grants Rehearing of Global Warming Claims Case
