GGRCA Receives $150M Capital Contributions, Streamlines Operations

January 8, 2002

Gerling Global Reinsurance Corporation of America (GGRCA) announced the addition of $150 million in capital, through access of its parent company Gerling Global Re. The capital contributions will enable GGRCA to maximize business opportunities in the current reinsurance market environment and position the company for the future. GGRCA further announced an initiative to streamline operations and concentrate its efforts on core competencies. As part of this initiative, GGRCA will no longer offer surety, fidelity and credit reinsurance products.

Michael E. Morrill, GGRCA’s CEO commented that the parent company, Gerling Global Re, has provided great support to GGRCA to position the company to optimize performance in the changing market environment. Morrill said with a strong capital base, and a product portfolio focused on core expertise, GGRCA will continue to provide quality reinsurance to the U.S. marketplace.

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