American International Group and the European insurance consortium Eureko Alliance have agreed to form a cooperative venture to market and service multinational employee benefits programs worldwide. They plan to establish a joint office in Zurich, Switzerland, and will establish joint …
Confirming previous reports (See IJ Website Sept. 24), Sampo, the Finnish banking and insurance group, yesterday confirmed that it was withdrawing its $2.3 billion bid for Storebrand, Norway’s largest insurance company. The abandonment came as no surprise. the bid has …
Finland’s Sampo announced that it has agreed to sell its Dutch unit, Sampo Industrial Insurance N.V. to U.K. insurer Hampden plc; the price will be based on the next 5 years operating results. The move comes as part of Sampo’s …
Finnish insurer Sampo’s bid for Norway’s leading insurance company, Storebrand, has apparently been blocked by Den Norske Bank’s acquisition of 9.76 percent of the company’s outstanding shares. Sampo topped the bank’s offer for Storebrand last May, and, despite objections from …
Finland’s Sampo Insurance PLC confirmed expectations yesterday with a $2.28 billion bid for Norway’s Storebrand, a 31 percent premium over its recent estimated value, and 16 percent above the rival bid launched by Den Norske Bank. Storebrand’s board of Directors …
Further consolidation in the Scandinavian insurance market seems set to proceed, but it’s unclear exactly what form it will take. Den Norske Bank launched a takeover bid for Norway’s largest insurer Storebrand last week, but an opposing bid from Finnish …
A “BBB+” subordinated debt rating was assigned to the 200 million notes, due 2021, issued on March 16 by If Property & Casualty Insurance Ltd. by S&P, which cited I strong financial security characteristics and the deep subordination of the …
Sweden’s Skandia Group announced staff reductions in its U.S. subsidiary, American Skandia. The company will eliminate 150 positions—about 13 percent of its work force—following a serious downturn in U.S. sales, that has seen its income reduced by half in January …
Sweden’s Skandia Group announced staff reductions in its U.S. subsidiary, American Skandia, aimed at eliminating 150 positions, about 13 percent of its work force, following a serious downturn in U.S. sales, that has seen its income reduced by half in …
Sweden’s Skandia Insurance reported record sales for the year 2000 of SKr 197.7 billion ($20.9 billion) from growth in all sectors and all geographical areas. U.S. sales of market leader Skandia’s variable annuity products rose from $6.9 billion to $8.2 …
