ING UPS STAKE IN SEGUROS

Comercial America: Dutch financial services conglomerate ING Group said it has agreed to buy an additional 45 percent stake in Seguros Comercial America (SCA) for $791 million. The deal is part of a step taken in February 2000, when ING initially purchased 42 percent of Mexico’s largest insurance company. The transaction is expected to close this quarter and will hurt 2001 earnings slightly, ING said. The increased stake in SCA will give ING a bigger share of Mexico’s insurance market. In terms of total sales, SCA has an 18 percent share of Mexico’s life and health insurance market. It has a 39 percent share of the country’s p/c insurance market.

Topics Market Mexico