American International Group, Inc. (AIG), The Blackstone Group L. P. and Kissinger Associates Inc. announced the establishment of a new venture to provide financial advisory services to corporations seeking high-level independent strategic advice. Kissinger Associates, chaired by former U.S. Secretary …
The U.K.’s largest mortgage lender, Halifax PlC, announced its plans launch an e-commerce site, “esure,” to sell homeowners and automobile insurance. Halifax president James Crosby was extremely pleased that the company had acquired Peter Wood’s services and expertise. Wood is …
A useful new coverage designed to reimburse passengers for flight delays was inaugurated by French travel company Go Voyages. On out-going flights travelers will be reimbursed 20 percent of the cost of the ticket if a flight is over 2 …
Aon Corp. introduced a “new risk transfer service that for the first time allows companies to secure in excess of $100 million of blanket protection to recover damages or enforce rights for patents, trademarks, copyrights and other intellectual property assets.” …
Holland’s ING Group announced that it had agreed to acquire a 39.7 percent interest in a subsidiary of Mexico’s Savia Group, which owns 71.6 percent of Seguros Comercial America (SCA). With a 27 percent overall market share -18 percent in …
Germany’s Allianz AG acquired a controlling 80 percent interest in Cairo-based Arab International Insurance Company (AIIC) by purchasing the 40 percent share held by France’s AXA. In 1998, AIIC reported gross premium income of $10 million and more than $1 …
Large losses have reduced Reinsurance Australia’s capital to the point that it no longer meets the requirements for its Australian reinsurance license, thus forcing the company to formally stop writing new business. Re-Australia estimated the 1999 net loss at Aus …
The acquisition of a minority interest in Seguros Comercial America, S.A. de C.V. (SCA) by ING Group NV illustrates the convergence of financial services in Latin America and confirms that Mexico offers growth potential for large international financial services companies, …
In a case of modern vertical integration, British insurer Direct Line, a subsidiary of Royal Bank of Scotland, announced the creation of a Web site to sell automobiles, accessories and related financial services. Direct Line, which operates exclusively on the …
Today Congress will view the issue of whether the U.S. should grant Permanent Normal Trade Relations (PNTR) to China. This is the first of several possible hearings. Congressional enactment of PNTR for China will allow U.S. companies to benefit from …
