Paynet is introduced in Uzbekistan insurance market

Written on 13 February 2009 by

Company “Paynet”, which has earlier signed the agreement with the insurance company “Alfa Invest”, has started to render service in realization, registration of policies and reception of payments for obligatory insurance of civil liability of vehicles owners.
Sale of policies is carried out through a dealer network “Paynet”, which now possesses over 16 thousand affiliates in Uzbekistan.
As it is informed in company “Paynet” has been for the first time introduced on December, 22nd, 2008, and on February, 1st, 2009, 35 thousand policies were sold.

Fortis: unprofitable and unattractive

Written on 11 February 2009 by

Fortis is expecting shareholders’ voting concerning purchase of a share of its Belgian division by the French group BNP Paribas. According to Belgian newspapers De Tijd and L`Echo, the plan of future measures in case if shareholders will not approve the transaction, is being worked out.
The largest shareholder - Fortis Chinese Ping An - has already expressed readiness to vote against the purchase. BNP Paribas, in turn, declared that in case of shareholders’ disagreement, it will refuse from purchase of Fortis’ insurance division (it is a question of purchase of 10% share for EUR 550 million). Experts prove that in case of shareholders’ disagreement Fortis will have to loan credits from the Central Bank of Belgium in order to provide necessary level of liquidity.

ING expects the loss on results of 2008

Written on 28 January 2009 by

The largest public financial group of Netherlands ING Groep NV expects, that pure losses of 2008 will make approximately 0,4 billion euro.
In 2008 pure losses after sale of divisions and sales of expenses will make 1,0 billion euro.
Thus bank activity should bring to group 0,5 billion of net profit - owing to the franchise in retail divisions in the Netherlands. At the same time, insurance activity in 2008 has led to pure losses at a rate of 0,9 billion euro.
In 2009 ING Groep plans to save one billion euro, including due to staff reduction (7.000 people). Besides the company is going to sell some divisions, which are not concerning the basic sort of activity.
According to the forecast, in fourth quarter 2008 ING Groep has incurred pure losses in volume of 3,3 billion euro. Losses in bank divisions will make 1,3 billion euro, in insurance - 2,0 billion euro.
ING and Dutch government have worked out questions concerning long-term assets: money, allocated by authorities, will be used for withdrawal of 80% of the bonds, provided by the mortgage. Owing to the help from the state the volume of risky actives will decrease approximately on 15 billion euro.

Israeli insurers have suffered from Bernard L. Madoff

Written on 21 January 2009 by

On Sunday Israeli insurance companies have let out reports on the possible losses in connection with the swindle of American financier Bernard Madoff, which has been disclosed last week.
Swindle, in result of which the general losses of the deceived investors can reach $50 billion, have been already named the largest swindle in Wall Street’s history. Last Thursday one of the famous American financiers of the Jewish origin, former director of stock exchange NASDAQ, Bernard L. Madoff has been arrested by the federal authorities of the USA. Before this he has admitted to the confidants, that dividends were paid to investors of his funds due to attraction of means of new investors, instead of from profits, i.e. the company Bernard L. Madoff Investment Securities LLC, actually, represented a financial pyramid.
The 70-year-old financier has been released under the monetary mortgage in $10 million, all accounts of his company are blocked, independent external managing directors have been asked to manage the company and find way out. Numerous Madoff’s investors are to face bankruptcy.

Insurance giant AIG sells the division because of debts

Written on 13 January 2009 by

German Munich Re will buy HSB Group, belonging American International Group, for $742 million to expand presence in the USA.
Company Hartford Steam Boiler Inspection and Insurance, which provides covering wide spectrum of risks, is HSB’s basic active. In 2007 after payment of taxes HSB’s profit has made $158 million, and the total premium - $904 million.
AIG, which has bought Hartford Steam Boiler in 2000 approximately for $1,2 billion, is compelled to sell actives worldwide to repay the government.
Munich Re has informed that the agreement on purchase contains a term, which will protect the company from further investment losses. Munich Re is going to finance the transaction which, predictably, will be closed by the end of the first quarter 2009, completely from existing resources.

“HDI Insurance” has registered increase in the authorized capital

Written on 3 January 2009 by

insurance company “HDI Insurance” has registered increase in the authorized capital from UAH 10 million - up to UAH 28 million. About it is spoken in the message of the insurer.
According to the message, on December, 11th, the State commission of Ukraine under securities and the share market has given the certificate on registration of release of 2,8 billion simple registered stocks in the documentary form. The increase in the authorized capital took place due to additional payments of shareholders.
Open Society Insurance Company Alcona (Kiev) was based in 1992 Paid authorized capital of the company makes UAH 18 million.
In April, 2007, Open Company “LANURA” (Latvian Republic) has got of 2,61 % of state block of shares of Open Society Insurance company Alcona on auction.
In the middle of July HDI-Gerling International Holding AG has concentrated 94, 51 % of Alcona’s shares.

Fortis will not face block Netherlands’ actives

Written on 24 December 2008 by

Ministry of Finance of Holland considers that the decision of the Bruxelles blocking accounts of insurance group Fortis till February, 12th, does not concern purchases by the of the actives which are in Netherlands this country.
In October, 2008, Netherlands government has bought bank Fortis Nederland, bank ABN Amro and insurance company Fortis Verzekeringen for 16,8 billion euro and thus has saved them from bankruptcy.
Belgian state, in turn, has completely nationalized the Belgian part of bank and insurance actives of group Fortis. As it has become known this transaction should be completed in the beginning of next week.
Belgian lawyer firm Mischael Modrikamen, which is representing Fortis shareholders, has declared that it expects the beginning of new negotiations between Fortis and Belgian and Netherlands authorities. In lawyers’ opinion, these negotiations should make the sum of the transaction more favorable to shareholders.

Russia: insurance of hypothec borrowers remains unessential

Written on 21 November 2008 by

The next attempt of bankers to make obligatory life insurance at hypothec crediting has appeared unsuccessful - the government has refused to include such norm in the legislation.
In the second reading State Duma has approved the amendments to laws “On mortgage” and “On hypothec securities”, which provide introduction of deposit account of mortgages under the loans. It is worth of mentioning, that within the limits of this document the bank lobby tried to make the amendment to the law “On mortgage”, which is not connected with the account of mortgages.
Evgenie Chepenko, the vice-president of committee on hypothec crediting of Association of the Russian banks, proves that within the limits of bill completion to the second reading the association has offered the amendment, providing the right of bank to demand from the borrower to insure his life at gaining of the hypothec credit.
However, the government has rejected this amendment. As it has become known, the acceptance of this amendment would legalize imposing of insurance service to borrowers.

Dutch ING has declared about losses

Written on 17 November 2008 by

In III quarter of 2008 Dutch financial group ING Groep N.V. has for the first time for the history declared about losses.
For the accounting period pure loss of the company has made 478 million euro in comparison with net profit at the rate of 2,3 billion euro year before.
The company explains deterioration of financial indicators by write-offs for the sum of 1,5 billion euro. Thus the head of the company Michel Tilman has warned that negative influence of difficult economic conditions on financial results will proceed even within the next year.
In comparison with its competitors ING rather quite good copes with financial crisis. Nevertheless, last month the group has taken advantage of public funds at the rate of 10 billion euro for capital replenishment as stock quotes of the company have fallen to the 15-year-old minimum.
Bank and investment business, life insurance are the basic directions of ING’s activity. ING has about 85 million clients in more than 50 countries.

AIG will receive more than $150 billion

Written on 11 November 2008 by

The government of the USA has increased volume of assistance, given to the insurance company AIG, up to $150 billion and has lowered interest rates under the credits and has given it more time for sale of actives.
Support conditions allow the government to receive the greatest part of profit in case of growth of cost of AIG’s problem actives.
In the middle of September the government has received almost 80 % of AIG’s actives, having granted the loan for 85 billion dollars. Then the credit sum has been increased up to 122,5 billion dollars, and now, according to the arrangement reached on evening on Sunday, the assistance volume is increased up to 152,5 billion dollars.
Thus the government and AIG will get some money for the repayment of company’s problem actives. Their cost continues to fall, and AIG has actually lost billions dollars of already allocated state money as it should save money in reserves on covering of possible losses on these tools. According to the new agreement, FRS will enclose 30 billion dollars, and AIG - 5 billion dollars in the capital of the new company, which will redeem AIG’s “credit-default” swaps (CDS) for the sum of 70 billion dollars. If in the future cost of these CDS will grow, FRS will receive two thirds of profits and AIG - one third.
Today the company has informed, that in III quarter of 2008 its losses have made 24,47 billion dollars.

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