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The shareholder restructuring of Gerling NCM, now renamed Atradius, announced on May 7 2003, has been completed. As a result of this transaction, Swiss Re increased its ownership stake from 25% to 47.50% and Deutsche Bank now owns 35.32%.The remaining shares are owned by a Gerling NCM pension vehicle (7.14%), Sal Oppenheim (7%) and the Gerling Group (3.04%), which reduced its stake from 55.90%.

In addition Compa Espa íola de Seguros y Reaseguros de Cr édito y Caucin (CyC), the world’s fourth largest credit insurer, has agreed to purchase 7% of Gerling NCM held by the pension vehicle. Seguros Catalana Occidente, SA de Seguros y Reaseguros, Sociedad Unipersonal (SCO) has agreed to purchase 0.14% of Gerling NCM held by the pension vehicle and has also reserved an option for an additional 7.94%.

CyC and Gerling NCM will also investigate the possibilities for a closer cooperation between the two companies, including opportunities to enhance their ability to offer attractive trade protection products to their clients. These transactions are subject to regulatory and anti-trust approvals.

As agreed on May 7, 2003, Swiss Re and Deutsche Bank will each underwrite, by around mid November, half of an issuance of subordinated notes by Gerling NCM with a total principal of up to €110mn. The new shareholders believe that this recapitalisation provides the company with an appropriate capital base and should further stabilise Gerling NCM’s ratings (“A” with S&P has already been confirmed, “A2” with Moody’s).

As part of the agreement with CyC and SCO, it is envisioned that SCO will also subscribe €52mn of Swiss Re’s portion of the subordinated debt issuance.