Troubled German insurer Gerling appears to have secured its future with a promise by local investors to fund the company to a level sufficient to obtain a Standard & Poor’s (S&P) ratings upgrade from BB+.

While many investors are reported to have made commitments to the company, S&P is insisting that the commitments be legally binding. Up to $1.2 billion is expected to recapitalise Gerling.

The Australian Gerling operation is in run-off, with most of its renewal business sold to QBE and it reinsurance operation purchased by AssetInsure.