 |
|
General
In compliance with a resolution taken by the company's supervisory board in October 2002 Gerling Globale Rückversicherungs-AG discontinued its active underwriting of Non-Life reinsurance business and refocused its operations on the settlement of claims under reinsurance treaties in force.
Life and Health reinsurance business is not running off. These classes of business are continued by REVIOS Rückversicherung AG, a company newly set up in 2003.
Since February 2004 the international Non-Life reinsurance sector of Gerling Globale Rückversicherungs-AG has been managed by GLOBALE Rückversicherungs-AG (GLOBAL Re).
After successful de-consolidation of GLOBAL Re from the Gerling Group the company under the chairmanship of Dr. Achim Kann re-geared its corporate strategy.
GLOBAL Re pursues its economic goals in consistent adherence to its corporate strategy by deploying interdisciplinary teams in all business sections, the objective being the continuous improvement of all run-off processes.
Substantial losses incurred in the years 2001 and 2002 resulted in a loss brought forward to 2003 of EUR 483.3 million.
As a consequence the value of the company's equity was no longer guaranteed, and therefore the share capital was reduced from EUR 337.9 million to EUR 50.0 million.
|
Page 1 2 3 4 |
next
 |
|
