Credit insurer Gerling is set to merge with Spanish insurers Credito Y Caucionin and Seuguros Catalana Occidentte in a move which could create the world's largest credit insurer.
Credito Y Caucion will invest a 7% stake in Gerling, which has renamed itself as Atradius.
The announcement comes as ratings agency Standard & Poor's affirmed its grade `A' on the core operating entities of the group.
Standard & Poor's credit analyst Jõrg Ritthaler said: "The affirmation follows today's announcement of the of the completion of the sale of Gerling NCM to various parties. Swiss Reinsurance Co now owns 47.5% and Deutsche Bank AG holds 35.32%."
