Hannover Re agrees to buy New York insurer

Article Abstract:

Hannover Re of Germany has agreed to an acquisition of specialty insurer Clarendon Insurance Group of New York in a deal valued at $500 million. Hannover Re, ranked fifth-largest insurer in the world, would see its gross income in 1999 increase by over 15% or $835 million to more than 11 billion marks with the purchase. Clarendon specializes in high-risk, non-standard policies, called program business, a growing market with an estimated $20 billion in gross premium income in the US in 1997. Hannover Re also expects the acquisition of the specialty insurer to strengthen its foothold in the US, as well as bolster its objective to diversify its earnings streams.

Comment:

Agrees to an acquisition of specialty insurer Clarendon Insurance Group in a deal valued at $500 million

United States, Asset sales & divestitures, Acquisitions & mergers, Foreign operations, Property & Liability Insurance, Direct Property and Casualty Insurance Carriers, Reinsurance, Reinsurance Carriers, Property and casualty insurance, Article, Clarendon Insurance Group, Hannover Re

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Schroder softens labor, tax proposals

Article Abstract:

Chancellor Gerhard Schroder of Germany is attempting to bolster support in parliament for his proposed tax and labor market changes. The proposals are designed to give a boost to Germany's stagnant economy.

Strategy & planning, Personnel administration, Planning, Labor relations, Company business planning, Schroder, Gerhard (German chancellor), Labour, Labor

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Berlin says it won't backtrack on corporate-tax reform

Article Abstract:

The government of Germany will not reverse its position on a key aspect of its corporate tax reform package. However, the government did leave itself open to changes in the future.

Public Finance Activities, Corporate Tax Administration, Corporate taxes, Tax administration, Corporations

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