Capital and reserves
1. Share capital
(of which € 163,772 thousand = 64.6% paid up) 2. Capital reserve 3. Revenue reserves 4. Subordinate liabilities 5. Retained loss to be carried forward Total
0 0 170,000 –48,500 374,940
After withdrawal from reserves, the Company’s capital and reserves at 31 December 2001 were as follows:
In March 2002, a capital increase of € 300.0 million (nominal € 329.9 million) was effected for cash.
Risk capital base strengthened by € 170.0 million of hybrid capital
To strengthen its risk capital base and meet growth requirements in 2001, the Company placed via a subsidiary € 220.0 million at the Lux- embourg stock exchange in the form of subordinate debentures matur- ing in 2021.
The loan in question is a variable-interest loan issued by Gerling Global Finance Alpha B.V., Amsterdam. It is due to mature on 16 August 2021 and the earliest termination date is 16 August 2011. The lender’s rights are contractually defined as subordinate. The contract is governed by the law of the Federal Republic of Germany.
€ 170.0 million of the borrowed funds was forwarded to Gerling-Konzern Globale Rückversicherungs-AG (GKG), Cologne, and € 50.0 million to Gerling Globale Rückversicherung AG, Zug. GKG acts as overall guarantor.
Gerling-Konzern Globale Rückversicherungs-AG/Management Report 63