Swiss Reinsurance Ltd's Chief Financial Officer, John Fitzpatrick, declined to confirm or dispel rumours in the German press that Swiss Re plans to increase its 25 per cent holding to own a majority of Gerling NCM, the Netherlands-based credit insurance company.
"There isn't yet news that I can give you, we monitor this investment like any other investment," he told reporters in a conference call.
Beleaguered German insurance company Gerling Konzern owns a majority in Gerling NCM. The value of the subsidiary has decreased in step with problems at the parent over the past year. Fitzpatrick made clear that Swiss Re has no equity interest in the parent company, Gerling Konzern.
"Our only interest is the Gerling NCM credit company and you can assume that we will operate to (preserve) our interest there." Fitzpatrick said.
Source: Dow Jones Newswires
