Bankers Trust Corp. said this week that it would sell majority control of its insurance product unit to RR Holding Co., a Swiss holding company established by Kohlberg Kravis & Roberts, a New York buyout firm.

Bankers Trust, better known for its investment banking and asset management services, would retain an undisclosed minority stake in the business, which would become part of RR Holding's Rhine Reinsurance Co. of Basel, Switzerland, and Hamilton, Bermuda.

Terms of the deal, which requires regulatory approval, were not disclosed. No closing date has been set.

The $172 billion-asset bank created the insurance group in 1990 to develop and sell risk management products for the insurance industry. The unit has 15 employees divided among U.S. and offshore life, property and casualty companies, and a U.S. reinsurance intermediary.

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