Gerling Global Re has confirmed it is to withdraw from non-life reinsurance and set up a new company to write life business.
In a statement it said: "Gerling Life Re (the new company), based in Cologne, will continue to operate the profitable life reinsurance business of GGRe worldwide.
"Gerling Life Re expects a premium volume of €1.4 bn (£0.87bn) in 2002. The new company will have more than 200 employees worldwide, one third of them in Cologne.
"The chairman of the Board of Management is Mr Uwe Eymer, deputy board chairman of GGRe. The capitalisation of the new company will fully meet market expectations for a successful life reinsurer."
Gerling added all non-life reinsurance commitments will be fulfilled.
