Germany's financial regulator is reported to have blocked the proposed sale of Gerling's reinsurance operations to the Lago Achte company.
Germany's financial regulator is reported to have blocked the proposed sale of Gerling's reinsurance operations to the Lago Achte Company.
The German Federal Financial Supervisory Authority, known as BaFin, has been reviewing Gerling's sale of its reinsurance operations, which include a non-life business in run-off.
BaFin is understood to have decided that Lago Achte does not have enough financial backing.
Gerling was reported to have responded to the BaFin decision by saying it would look for an alternative method of exiting the reinsurance market.
BaFin confirmed the decision to Insurancetimes.co.uk, but would not comment any further.
