Spain News

Euler Hermes and MAPFRE Form ‘Solunion’; a New Credit Insurance Venture

Euler Hermes and MAPFRE jointly announced the launch of “Solunion”- the brand name of their new credit insurance joint venture in Spain and four Latin American countries. Each partner owns 50 percent of the company, which is set to launch …

U.S. ‘Fiscal Cliff,’ Europe’s Debt Woes Worry G20

Leading world economies pressed the United States on Sunday to act decisively to avert a rush of spending cuts and tax hikes, warning that the so-called fiscal cliff is the biggest short-term threat to global growth. Unless a fractious Congress …

Best’s Report on Spanish Non-Life Sector Finds Profits, Future Challenges

“The Spanish non-life insurance sector remained profitable in 2011, but growth remains challenging, as it continues to face one of the bleakest economic environments since the 1930s,” according to a new report from A.M. Best Co. Best explained that non-life …

Tornado Hits Fair in Spain; Flood Deaths Reach 10

A tornado swept through a fairground in a Spanish town, knocking down a Ferris wheel and injuring 35 people, while the death toll from flooding in the same southern region of the country rose to 10, authorities said Saturday. Friday’s …

Catalonia Shows Euro’s Weak Links: Commentary by James Saft

Just when Spain, and the euro zone, needed it least, along comes the Catalan secession drama to remind us exactly how many parties, peoples and factions have the potential to undermine the single currency’s salvation. Not that Catalonia is likely …

W. R. Berkley Names Jiménez to Top Spanish Post as Esteban Steps Down

W. R. Berkley Corporation announced that Alejandro Jiménez has been promoted to presidente ejectutivo of W. R. Berkley Insurance (Europe), Limited Sucursal en España , reporting directly to Stuart Wright, CEO of W. R. Berkley Insurance (Europe), Limited (WRBIEL). The …

Wildfires Threaten to Burn Precious Natural Parks in Spain

Fierce wildfires forced the evacuation of thousands of residents and were threatening some of Spain’s most precious natural parks, including one that is a UNESCO world heritage site, officials said Sunday. Fires on the Canary Islands of La Gomera and …

ECB Head Sends Strong Signal Bank Will Act to Protect Euro Zone

European Central Bank President Mario Draghi pledged on Thursday to do whatever was necessary to protect the euro zone from collapse, sending a strong signal that inflated Spanish and Italian borrowing costs were in his sights. Fears about the euro …

Germans Say “Nein! No! Non!” Ahead of Euro Summit

EU leaders go into a Brussels meeting today, Thursday June 28, more openly divided than at any time since the euro crisis began, with Germany’s Chancellor Angela Merkel showing no sign of relenting in her refusal to back other countries’ …

Best Sees No Change in MAPFRE USA Group Ratings

A.M. Best Co. has commented that the financial strength ratings (FSR) of  ‘A’ (Excellent) and issuer credit ratings of “a” of the members of MAPFRE USA Group are unchanged following the recent market volatility surrounding Spain’s economic conditions, derived from …