Not unexpectedly, Gerling Global has decided to stop writing new non-life reinsurance after being unable to find a buyer for the business. It will however complete existing contracts.The company’s life reinsurance business will continue under the title Gerling Life Reinsurance GmbH. The Cologne, Germany-based company had warned it would stop writing p&c business should it be unable to find a buyer. Recently Scor withdrew from negotiations to buy the unit.Continuing non-life contracts should total about EUR 4.5 billion for 2002.In Canada, Gerling Global Re wrote about $74.5 million in net premiums last year, but finished 2001 with an underwriting loss of more than $7.6 million. Gerling will continue to write primary p&c insurance through the Gerling Group of Insurance Companies. In Canada, under the banner Gerling Canada Insurance Company, the primary operation wrote about $52.4 million in net premiums last year, with an underwriting profit of $1.6 million.
Beware of negligence lawsuits regarding property sale agreements
Ontario’s Court of Appeal found a home insurer, in principle, has a duty to defend a claim against a homeowner in a property sale, because a lower court can’t assume the home insurance policy’s exclusion for ‘intentional acts’ such as fraud would apply to a buyer’s claim of negligence. Nonetheless, the home insurer does not […]
By David Gambrill | September 16, 2024
3 min read
