Gerling Global Re still hasn’t been sold, thanks to the refusal of the New York Insurance Commissioner to ratify it. Now a new bidder has offered more than investor Achion Kann.

Mr Kann’s purchase of the former No 6 reinsurer, which was put into run-off late last year, was originally blocked by Germany’s financial services regulator, BaFin. Gerling won a court appeal against BaFin, and since then the influential British Financial Services Authority has given the sale to Mr Kann its blessing.

But Mr Kann won’t be able to seal the deal and take over the company until the New Yorkers agree to the sale. He had made a deal in which financing the $280 million sale revolved around using the eventual run-off profits.

Now Dubai-based Capital Union, which is owned by Saudi and Kuwaiti interests as well as Credit Suisse, is reported by Reactions magazine to have offered about $415 million for Gerling Re. However, it also wants to undertake the asset management of all operating parts of Gerling.