restructuring News

ING to Sell $1.2 Billion Stake in NN Group in Stock Offering

ING Groep NV, the biggest Dutch financial services company, is cutting its stake in NN Group NV by selling shares worth about 1.06 billion euros ($1.21 billion). ING is offering about 43 million shares in NN Group in a sale …

ACE USA Restructures Global Property Division

ACE USA, the U.S.-based retail operating division of The ACE Group, has reorganized its Global Property division to now include three property insurance units designed to serve the needs of domestic and multinational businesses. The commercial property, specialty catastrophe, and …

Willis International Announces European Leadership Appointments

Willis Group Holdings has announced a series of senior leadership appointments in its Willis International business unit, “focusing on its UK and wider European operations.” Willis also explained that the new appointments “complete a reorganization process which began a year …

South to Head Marsh’s Combined Asia-Pacific; Piccolomini Continental Europe

Marsh has embarked on a major reordering of its regional activities, which it said is “in order to align the delivery of its global capabilities more closely to the needs of clients around the world.” Marsh has combined its Asia …

Euro Zone, IMF Secure Deal on Cutting Greek Debt

Euro zone finance ministers and the International Monetary Fund clinched agreement on reducing Greece’s debt on Monday in a breakthrough to release urgently needed loans to keep the near-bankrupt economy afloat. After 12 hours of talks at their third meeting …

Wisconsin’s Sentry Insurance Cuts Office Jobs, Home-Based Agents

Sentry Insurance, based in Stevens Point, Wis., says it’s cutting 27 office jobs in central Wisconsin and 144 home-based agents across 10 states as it restructures its strategy for selling personal line policies. Those policies are generally home and auto …

ING in Restructuring Talks with EC, Dutch Government

Dutch bank and insurer ING, forced to sell assets in return for receiving state aid during the financial crisis, said on Tuesday it was in talks with the Dutch government and the European Commission over an amended restructuring plan. The …

Willis Creates New Units for Asia, Australasia, Middle East & Africa Operations

Willis International, the broker’s’ retail division, announced that in “recognition of the size, growth and strategic importance of its Asia Pacific, Middle East and Africa operations, it has created three regional business units under new and expanded leadership.” Willis Asia …

UK Insurer Aviva Culls Units in Turnaround Drive

Aviva, the UK’s No.2 insurer, plans to sell or close more than a quarter of its businesses in a shake-up aimed at regaining the support of investors irked by the group’s flagging share price. The company, whose weak stock market …

Texas Windpool to Remain Under Administrative Control

Texas’ insurer of last resort for wind and hail in coastal counties will remain under the administrative control of state regulators and it will file for a 5 percent rate increase in August to become effective Jan. 1, 2012. At …