The shareholders of our majority shareholder, GKB, Dr. Rolf Gerling and Deutsche Bank, are pursuing the common goal of consolidating the Gerling Group’s market position, ensuring its long-term security and augmenting the net worth of the Group. For this purpose, in March 2002, the capital of GKB was increased by € 300.0 million. In the wake of the capital increase, Deutsche Bank’s shareholding rose to around 34.5%. Dr. Rolf Gerling and Deutsche Bank also agreed in principle to accept a strategic partner for the Gerling Group in the long-term inter- ests of the enterprise. In this connection, both shareholders declared themselves willing to allow a new strategic partner to acquire a majori- ty shareholding in GKB.
At the same time, in March, the rating agency Standard & Poor’s amend- ed its outlook for the operative companies (“core entities”) of the Gerling Group from “stable” to “under development”. The rating itself remained “A plus” (strong), after being “AA minus” (excellent) up to February 2002. A.M. Best lowered its rating from A (excellent) to A– (excellent) under observation.
Cologne, 14 May 2002
The Executive Board:
Björn Jansli Uwe Eymer Hans-Joachim Guenther Stephan Knipper Volker D. Weisbrodt
Gerling-Konzern Globale Rückversicherungs-AG/Management Report 65