Gerling

For the German Gerling group, the latest news of high underwriting losses, personality clashes and restructuring at its main property and casualty company Gerling Konzern Allgemeine Versicherungs (GKA) increase its strategic dilemma. Gerling has again postponed its IPO, originally planned for 1999, then moved to 2000, and now to happen sometime in 2001. It cites tax reasons – selling shares will be tax-free for its owners next year – but the difficult business situation is certainly also an important reason.