German insurer Gerling has sold Gerling Canada Insurance Company to a group of private fund management companies for an undisclosed sum. Reports said the purchase of the entire company rather than just its renewal rights was possible because the company has very good reserving.

It’s understood existing staff and executives will be kept on at the company, which has been renamed GCAN Insurance Company.

Two weeks ago Gerling announced the sale of its Australian reinsurance company to Sydney company AssetInsure.