Liberty Mutual announced that its Liberty International unit would purchase Hartford Seguros, The Hartford Financial Services Group’s Spanish subsidiary, for an undisclosed amount. The company, which will be renamed Liberty Seguros, had gross written premiums of $74.2 million during the …
CGNU, the U.K.’s largest insurer, reported reported that new global sales in the year 2000 increased 24 percent to £13.5 billion ($19.98 billion), following strong growth in the life, pension and investment funds. The results surprised analysts, who had seen …
France’s AXA and the Spanish financial group Banco Bilbao Vizcaya Argentaria have realigned their cross shareholdings in several joint ventures. AXA will buy out BBVA’s 30 percent stake in Spanish life insurer AXA Aurora for €205 million ($189 million), giving …
The world’s two largest reinsurers, Munich Re and Swiss Re, whose combined premiums total over $25 billion, have teamed up with Internet Capital Group, a leading B2B provider, and Andersen Consulting to launch “inreon,” an on-line platform for standard reinsurance …
Spain’s Santander BanCorp (SBC) announced that its Puerto Rican subsidiary, Banco Santander Puerto Rico, has launched Santander Insurance Agency, ” which plans to offer life, health and disability insurance as a corporate agent and will operate as a general agent.” …
The St. Paul Companies have had considerable success with their professional liability policy for English and Welsh lawyers. Since receiving the designation “qualifying insurer” last January from the Law Society of England and Wales, it’s booked £50 million ($71 million) …
AEGON has completed the sale of its banking subsidiary Labouchere to Dexia. Dexia paid AEGON approximately $800 million for Labouchere. AEGON will use the proceeds from the sale to redeem outstanding debt, while the book profit of approximately $550 million …
The passage of the Gramm-Leach-Bliley Act marked a watershed in U.S. financial regulation, opening up the banking, insurance and securities sectors to cross-holdings and business combinations after almost 70 years of separation. Most segments of the insurance industry praised the …
Britain’s CGU announced that it had agreed to acquire the life insurance and pension business of Spain’s Bancaja, its 4th largest bank, for £200 million ($196 million). The agreement will make CGNU, upon completion of the presently pending merger between …
Spain’s Internet service provider, Terra Networks, announced that merger talks with U.S. Lycos had been successfully concluded and that the two companies were set to merge. Terra, the Internet subsidiary of Spain’s Telefonica, will acquire Lycos in an all stock …
