Credit insurer Gerling NCM has sold 90% of its business to a consortium led by Swiss Re, Deutsche Bank, and Sal Oppenheim.
Swiss Re, Deutsche Bank, Sal. Oppenheim and Gerling signed a contract reorganising the ownership of Gerling NCM earlier today.
The deal means Swiss Re will own a 47.50% equity stake in Gerling NCM.
Gerling will reduce its shareholding from 55.90% to 3.04%. It will receive EUR 120m (£84.4m) from Deutsche Bank and EUR 60m (£42m) from Swiss Re.
Swiss Re's chief executive John Coomber said: "Gerling NCM is a major credit insurer and has an excellent future as an independent company. Swiss Re considers Gerling NCM to be an attractive investment and is pleased to support this capital restructuring."
