Gerling Global Reinsurance is expected to stop writing new business within the next few days as a last-ditch rescue package is put together in Europe to try to save it. The property/casualty reinsurer – the sixth-largest in the international market – is bleeding from large US losses, and now has a Standard & Poor’s rating of only BBB.

Local Gerling Global Re CEO John Bubb declined to comment on the situation today. Gerline Life Re is not affected, and the situation regarding the company’s local successful general insurance operation is not clear at this stage.

It’s understood that as many as six leading reinsurers are meeting in London to discuss either a takeover or a formula to rescue Gerling Re, with pressure on to have a deal together before the annual reinsurance meeting at the German resort town of Baden-Baden on October 21. Reports from Gerling’s Cologne base suggest that up to $550 million will be needed for an immediate rescue package.

The company is owned by family scion Rolf Gerling (65.5%) and Deutsche Bank (34.5%), and sources in Europe suggest neither has been keen to pump in more capital.

We’ll keep you posted.