Swiss Re, Gerling To Combine Global Credit Insurance Units

August 22, 2001

Swiss Re will transfer its 90 percent ownership interest in Holland’s NCM Group to Germany’s Gerling Credit, which will combine the two companies as Gerling NCM Credit and Finance AG. It will have approximately 25 percent of the global market for credit insurance, and expects total gross premiums to exceed $1 billion.

As part of the deal NCM’s other shareholders, Holland’s ABN-AMRO Bank and ING Group, will receive cash for their 5 percent interest. Swiss Re will be a 25 percent minority shareholder in Gerling NCM and will also receive an undisclosed amount of cash.

nal market. Upon completion of the transaction, which requires the approval of EU competition regulators, as well as the insurance authorities in the Netherlands and Germany, Gerling NCM plans an initial public offering of its shares.

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