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Business Briefing.
(From Lloyds List)
British Marine sold
A LEADING hull and protection and indemnity insurer, British Marine, has announced that its purchase by insurance giant QBE has been completed.
Robert Johnston, managing director of British Marine Management, said: 'The swift completion of this transaction reflects the close working ties that we have already developed with QBE. This is an exciting time for British Marine as we enter the renewal season in a position of such strength.'
Ahead of the completion, Standard ' Poor's removed British Marine from credit watch and assigned an A rating (stable).
HONG Kong-listed Cosco International Holdings said it is diversifying its business portfolio though a series of joint ventures, writes Mike Grinter in Hong Kong.
Cosco said it has agreed to establish a paint and chemicals operation in conjunction with Japanese company Kansai Paint. The listed arm of China's largest shipping company is to take a 64.71% stake in the venture, which will be based in Zhuhai in southern China.
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