Canadian Investors Acquires Gerling
NU Online News Service, June 30, 9:48 p.m. EDT? The senior management of Gerling Canada Insurance Company, a commercial and industrial lines property-casualty insurer has purchased the company from Gerling-Konzern Allgemeine Versicherungs-AG based in Cologne, Germany.
The purchase included the financial investment firms Torquest Partners Inc., Newport Partners Inc. and CIBC Capital Partners.
Gerling will be renamed GCAN Insurance Company. It reported writing $206 million in gross premiums in 2002 and employs 113 people in Toronto, Montreal, Calgary and Vancouver, Canada.
Terms of the transaction were not disclosed.
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