Gerling Versicherungs-Beteiligungs-AG (GKB) and Swiss Re have reached an agreement on forming a joint venture between Dutch credit insurer NCM, in which Swiss Re has a 90 % stake, and the Gerling Credit Insurance Group.
The new company, Gerling NCM Credit and Finance AG, is to be based in Cologne, and Gerling is to have a 51 % holding. Swiss Re will hold 25 % (+ 1 share) and a private group of investors will hold 24 % (- 1 share).
Gerling NCM will have a 25 % stake in the world credit insurance market and will boast premium income of some 1.1 bn. With its comprehensive product range for receivables management services, its international network and its position in major industrial countries, the new group is set to be the leading integrated credit insurer worldwide.
Following integration of the two companies, an IPO is envisaged in the medium term, though this will not affect stakes held in Cologne.