German insurer Gerling-Konzern Allgemeine Versicherungs said that it received the go ahead from a German court to sell its reinsurance business to Globale Management GmbH, as planned.
Gerling said a Frankfurt-based administrative court has decided that the objections Germany's financial services authority, BAFin, had against the sale are illegal and that there are no grounds for a prohibition decree.
Neither the court nor BAFin spokespeople were immediately available to comment. It is unclear whether BAFin will appeal against the decision.
Gerling said it believes the court ruling in its favour will act as a signal for regulators in the US and the UK, where its reinsurance arm, Global Re, has units, to approve the deal.
