Swiss Re, Gerling Complete Formation of Credit Insurance Group

December 20, 2001

Swiss Re, NCM and Gerling Insurance Group announced that they have completed the formation of Gerling NCM Credit and Finance AG, which combines Swiss Re’s 90% owned subsidiary, NCM Holding N.V., with Gerling Credit, establishing one of the world’s largest credit insurers with a 25 percent market share.

The move, first announced last August, leaves Swiss Re with a 25 percent stake in the new company, and marks a step towards the accomplishment of its strategic plan to concentrate on its core business areas of reinsurance and financial services.

Walter B. Kielholz, Swiss Re’s Chief Executive Officer stated that,”Gerling NCM Credit and Finance AG will be a leader in the credit insurance market and is well positioned for future success. Swiss Re will retain an active interest and role in the combined company, not only through the 25% long-term holding and board representation, but by continuing to be a major player in the credit reinsurance market.”

The new company will combine NCM’s operations, total revenue in 2000 € 584 million ($527 million), with Gerling’s credit group, already the world’s third largest, with gross premiums of around € 600 million ($542 million) last year.

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