Standard & Poor's have placed troubled reinsurer Gerling on CreditWatch with negative implications for its single-'A'-plus counterparty credit and financial strength ratings.
Standard & Poor's credit analyst Laura Santori said: "The ratings reflect concerns about the expected improvement in operating performance of the group in an economic environment that shows no signs of recovery, as well as the challenge management is facing with regard to the integration of Gerling Credit and NCM Holding NV."
Santori added that the uncertainty over the future ownership of the company was affecting Gerling's financial flexibility. However Standard & Poor's said it is planning to meet with Gerling to resolve the CreditWatch situation.
Gerling ranks second in the global credit insurance sector, with a global market share of 25% and very strong franchises in several of the world's most important markets.
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