French bank BNP Paribas said it has called off its plan to buy a stake in Belgium’s Fortis, after the Brussels Court of Appeal decided to suspend the transaction for 65 days. [See IJ web site – https://www.insurancejournal.com/news/international/2008/12/16/96333.htm and https://www.insurancejournal.com/news/international/2008/12/15/96289.htm]. …
The Belgian government said on Monday it would appeal against a court ruling threatening to derail a state-led break-up of stricken financial group Fortis and part sale to France’s BNP Paribas (See previous article). Prime Minister Yves Leterme told a …
European leaders moved towards agreement on Friday on a multi-billion dollar plan to tackle the global recession and a climate change plan amended to limit impact on struggling industries. Green groups warned that the European Union could forfeit its credibility …
Insurance firms Axa S.A., MetLife Inc. and Prudential Plc., as well as China’s sovereign wealth fund CIC, are all in talks to buy a unit of U.S. insurance firm American International Group in a deal that is likely to fetch …
A.M. Best Co. has revised the outlook to positive from stable for New Zealand-based China Insurance (NZ) Company Limited (CINZ) and has affirmed the financial strength rating of ‘B+’ (Good) and issuer credit rating of “bbb-“. Best said the “rating …
Lloyd’s has announced the appointment of Volker Eutebach as its first Market Relations Manager for Germany and Austria. He joined Lloyd’s on December 1st, and will be based in Frankfurt, working closely with the Lloyd’s legal representatives for Germany and …
The New York State Insurance Department has signed an agreement with its counterpart in France that calls for increased cooperation and consultation between the two regulatory bodies. The agreement is similar to agreements signed over the last year between New …
Multinational Claims Require Knowledge of Culture, Currency and Legal Climate In today’s borderless global economy, claims can arise in just about any part of the world where a company does business. Even small and midsize companies with no physical presence …
Somali pirates have captured a fully laden Saudi supertanker far off east Africa, seizing the biggest vessel ever hijacked with a cargo of oil worth over $100 million in an attack that pushed world crude prices higher. The U.S. Fifth …
A.M. Best Co. has affirmed the financial strength rating (FSR) of ‘A-‘ (Excellent) and the issuer credit rating (ICR) of “a-” of SCOR S.E. (France) and its rated subsidiaries. Best also affirmed the senior debt and subordinated debt either issued …
