Gothaer Re has withdrawn from the reinsurance market to concentrate on its insurance operations, it announced.
The company has ceased to underwrite new business with immediate effect.
The Gothaer Group said it had decided to merge Gothaer Re with another subsidiary Gothaer Finanzholding, with retroactive effect from 1 January 2004.
Gothaer Finanzholding will take over the rights and duties under all current reinsurance treaties and those in the process of settlement, and will take care that all business operations will be performed as provided for in the underlying contracts.
Gothaer Finanzholding is the financial steering unit of the Gothaer Group.
