Standard & Poor's has revised its outlook from stable to developing on various entities of the Germany-based Gerling insurance group. This follows the surprise announcement last Friday that Rolf Gerling's majority holding in the group is up for sale.
S&P director Karin Clemens said: "A potential sale of Dr Gerling's stake in GKB is contrary to S&P's previous expectation, and creates a significant degree of uncertainty regarding the Gerling group's future ownership structure and strategic direction."
S&P also affirmed the A+ long-term counterparty credit and insurer financial strength rating on the core insurance subsidiaries of the Gerling group today.
It affirmed the A- long-term debt rating on the Euro 220m subordinated debt issued by Gerling Global Finance Alpha B.V. and subguaranteed by Gerling-Konzern Globale Ruckversicherungs.
