September 25, 2001
The Anglo-Swiss group Zurich Financial Services (ZFS) and Germany’s Deutsche Bank (DB) announced agreement on a number of cooperation initiatives and the sale of business assets, most notably the transfer of fund manager Zurich Scudder Investments to DB for $2.5 …
September 10, 2001
Standard & Poor’s has affirmed its double-‘A’ counterparty credit and insurer financial strength ratings on the core operating companies of the CGNU Group, and removed Norwich Union Holdings from CreditWatch. The ratings, based on S&P’s analysis of changes that had …
June 21, 2001
Allstate announced yesterday that it would sell its direct auto insurance businesses in Germany and Italy to the U.K.’s Direct Line. The German operation, launched in 1997 has around 117,000 policies in force. The Italian branch, opened last year, has …
May 30, 2001
Munich Re, the world’s largest reinsurer, reported that premium income for the the first quarter reached €4.3 billion ($3.7 billion), a solid 9 percent increase over last year’s figures. N et profits reached € 805 million ($692.3 million). The increase …
May 21, 2001
The St. Paul Companies’ reinsurance unit, St. Paul Re, joined the inreon platform, launched last December by Munich Re and Swiss Re, to offer reinsurance products online. Initially, St. Paul Re will provide capacity for European facultative property risks supported …
May 11, 2001
The St. Paul Companies’ reinsurance unit, St. Paul Re, has joined the inreon platform, launched last December by Munich Re and Swiss Re, to offer reinsurance products on-line. “Initially, St. Paul Re is providing capacity for European facultative property risks …
April 9, 2001
After a week of intensive negotiations, Allianz AG and Dresdner Bank, Germany’s third largest, announced on April 1 that they have agreed to join forces to create Germany’s biggest financial institution. With capitalization of $87.55 billion, it would be roughly …
April 3, 2001
After the U.S., Canada, France, Spain and Australia, ING, Holland’s giant banking and insurance group, has brought its one-stop bank, ING Direct, to Italy. The opening is the latest in ING’s efforts to build a global banking system based “direct …
March 30, 2001
“Allianz and Dresdner Bank confirm strategic talks concerning the creation of a leading integrated financial services provider for insurance, investment and banking services. The talks are in an advanced stage, but have not been completed yet,” said a brief announcement …
March 27, 2001
Italy’s Assicurazioni Generali SpA posted net profits of €1.452 billion ($1.28 billion) for the year 2000, a healthy 74.1 percent gain over 1999. A capital gain of €273 million ($245 million) from its sale of its interest in Spain’s Banco …