Standard & Poor's has revised its outlook from stable to developing on various entities of the Germany-based Gerling insurance group. This follows the surprise announcement last Friday that Rolf Gerling's majority holding in the group is up for sale.
S&P director Karin Clemens said: "A potential sale of Dr Gerling's stake in GKB is contrary to S&P's previous expectation, and creates a significant degree of uncertainty regarding the Gerling group's future ownership structure and strategic direction."
S&P also affirmed the A+ long-term counterparty credit and insurer financial strength rating on the core insurance subsidiaries of the Gerling group today.
It affirmed the A- long-term debt rating on the Euro 220m subordinated debt issued by Gerling Global Finance Alpha B.V. and subguaranteed by Gerling-Konzern Globale Ruckversicherungs.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
