COLOGNE, Germany -- Deutsche Bank has agreed to take a 30% take in Gerling Konzern Versicherungs-Beteiligungs, the German company that controls the insurance company Gerling Konzern Allgemeine Versicherungs.
Gerling Konzern said the deal was subject to approval by foreign and domestic authorities, including the German Cartel Office. It said Gerling Konzern would remain principally in family ownership and would continue to operate independently.
A spokesman for Deutsche Bank declined to give the price but said it was a purely financial investment.
Gerling has been seeking a partner to expand its business with private clients, which account for some 20% of premium income. The two companies already jointly own a pension insurance venture serving corporations. Firmenlebensversicherungs AG der Deutschen Bank, which was started in June 1991.
Gerling is also the reinsurer for Deutsche Bank's private life insurance business.