Articles by Reed Stevenson

ING to Take Dutch Government Guarantees; CEO to Step Down

Dutch financial and insurance group ING will take a 2008 loss of €1 billion ($1.294 billion) and will tap into a Dutch state guarantee for its troubled loan portfolio, it said on Monday, adding that its Chief Executive Michel Tilmant …

Aegon Gets $3.75 Billion in Capital from Dutch Government

Financial service provider and insurer Aegon became the latest Dutch company to tap into government funding on Tuesday, taking €3 billion ($3.75 billion) to strengthen its capital base eroded by investment losses and exposure to risky investments. Aegon, based in …

Aegon, Aviva Bolster Risk Hedges, EU Insurers’ Shares Rise

European insurance shares rose sharply on Thursday, as Dutch insurer Aegon announced steps to boost capital and reduce risk, while British peer Aviva Plc bolstered its hedges against slumping stock markets. Aegon, which has seen its share price sliced in …

Fortis ‘in Play’ as Trichet Joins Emergency Talks

Fortis, the Belgian-Dutch banking and insurance giant, faced a takeover or break-up as European Central Bank President Jean-Claude Trichet held emergency talks with Dutch and Belgian lawmakers to restore faith in the Belgian-Dutch financial group. Trichet, who as ECB [European …

Credit Crunch Cripples European Insurers’ Profits

The global credit crisis tore a hole in the profits of some of Europe’s top insurers on Thursday, with AXA and Aegon both posting lower earnings. Share reactions were mixed across Europe. The DJ Stoxx European Banking Index fell 0.6 …

Fortis Q4 Profits Down 50%

Dutch-Belgian financial services group Fortis said its profit halved in the fourth quarter after a €1.5 billion ($2.3 billion) subprime-related writedown. Net profit, which also included gains from Fortis’ 2007 acquisition of ABN AMRO’s Dutch business and divestment of a …