Printer Friendly

NEDERLANDSE REASSURANTIE GROEP INTENDS TO DISCONTINUE NON-LIFE REINSURANCE UNDERWRITING

 AMSTELVEEN, the Netherlands, March 23 /PRNewswire/ -- Nederlandse Reassurantie Groep (NRG) intends to discontinue its activities in the field of non-life reinsurance.
 The life reinsurance operations, which account for more than half of NRG's revenue, will be continued unabatedly. NRG has initiated consultations with its Staff Council and the trade unions about the consequences for employment in the Netherlands. NRG forms parts of Internationale Nederlanden Group.
 The results of non-life reinsurers are increasingly under pressure. Many international reinsurance companies decided at an earlier stage to discontinue their non-life reinsurance activities. The market is confronted with the run-off of mainly asbestos and environmental claims on liability policies underwritten in the 1950s and 1960s, as well as an increase in the frequency and extent of natural disasters and industrial calamities. This in combination with sharply reduced possibilities for reinsurers to obtain their own catastrophe protections.
 NRG sees insufficient perspectives for a substantial improvement. As a result of these developments, NRG has reconsidered its corporate strategy and decided to discontinue its non-life reinsurance underwriting.
 NRG has initiated consultations with its Staff Council and with the trade unions about a proposed restructuring of NRG and the consequences for employment in the Netherlands resulting therefrom.
 -0- 3/23/93
 /CONTACT: Hans van Ronkel of NRG, 31-20-643-45-45 or, fax, 31-20-643-15-03/


CO: Nederlandse Reassurantie Groep ST: IN: INS SU:

BN-BR -- AT006 -- 8594 03/23/93 10:35 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Mar 23, 1993
Words:230
Previous Article:AIRLINES ANTITRUST SETTLEMENT APPROVED
Next Article:CROWNAMERICA OFFERS TO REPURCHASE 525,000 COMMON SHARES
Topics:


Related Articles
NATIONALE-NEDERLANDEN N.V. MAKES A BID FOR THE OUTSTANDING SHARES OF THE NRG HELD BY THIRD PARTIES AND STRENGTHENS NRG'S ASSETS BY DFL 500 MILLION
NATIONALE-NEDERLANDEN HONOURS OFFER FOR NEDERLANDSE REASSURANTIE GROEP SHARES
ING GROUP NET PROFIT UP 2.3 PERCENT FIRST THREE MONTHS OF 1993; BANKING, LIFE INSURANCE RESULTS UP SHARPLY; NON-LIFE DEPRESSED; PROFIT PER SHARE...
ING GROUP NET PROFIT UP 8.9 PERCENT FIRST SIX MONTHS OF 1993
ReliaStar Shareholders Approve ING Acquisition of Company.
Fortis Nederlandse plans three-year Euro bond.
ING to sell U.S. Reinsurance to RGA for EUR100m.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters