Canadian Investors Acquires Gerling

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NU Online News Service, June 30, 9:48p.m. EDT? The senior management ofGerling Canada Insurance Company, a commercial and industrial linesproperty-casualty insurer has purchased the company fromGerling-Konzern Allgemeine Versicherungs-AG based in Cologne,Germany.

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The purchase included the financial investment firms TorquestPartners Inc., Newport Partners Inc. and CIBC Capital Partners.

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Gerling will be renamed GCAN Insurance Company. It reportedwriting $206 million in gross premiums in 2002 and employs 113people in Toronto, Montreal, Calgary and Vancouver, Canada.

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Terms of the transaction were not disclosed.

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