Cologne Re to Change Name to General Re

Cologne Re, known as Kölnische Rückversicherungs-Gesellschaft AG in Germany, said it will change the company's name to General Reinsurance AG as of July 1.

The company said it has been operating under the Gen Re brand name on a global basis since 2003. Gen Re's ultimate parent is Berkshire Hathaway Inc.

"We are not changing the way we do business. We are not changing the legal entity or the management of that company. It is simply time after 16 years to project the reality -- we operate around the world as one company," Tad Montross, chief executive officer of Gen Re Group, said in a statement. Attempts to reach the company for additional comment were not immediately successful.

General Re purchased all of the remaining minority shareholders' interest as of Dec. 31, 2008 and now owns 100% of Cologne Re, according to BestLink, which provides online access to A.M. Best's Global Insurance & Banking Database. Cologne Re maintains a strong position in Germany with nearly 41% of its writings attributable to this important market. The remainder of its book is diversified regionally between Western Europe, Canada, Asia, Australia, Latin American and Africa. Proportional business dominates its traditional property/casualty portfolio with two-thirds of this book dedicated to property and motor risks, according to BestLink.

Cologne Reinsurance Co. Dublin, which is the group's finite re operation, is currently in run-off. Gen Re agreed to dissolve the subsidiary and pay $92.2 million to resolve federal charges relating to sham finite reinsurance contracts with American International Group Inc. and Prudential Financial Inc.'s former property/casualty division (BestWire, Jan 20, 2010).

Kölnische Rückversicherungs currently has a Best's Financial Strength Rating of A++ (Superior).

(By Meg Green, senior associate editor, BestWeek: [email protected])