AccessMyLibrary provides FREE access to over 30 million articles from top publications available through your library.
Create a link to this page
Copy and paste this link tag into your Web page or blog:
Munich Re considers help in a Mannheimer rescue package.
(From Insurance Day)
Byline: Herbert Fromme
MUNICH Re, which owns 10% of troubled Mannheimer group, said that it would participate in a rescue effort "with our quota". Chief executive Hans-J'rgen Schinzler added that this would only happen "if and when a sensible rescue package has been presented".
Munich Re executives added privately that at present there were no indications that such a concept had been put together. The largest shareholder in the German insurer is Uniqa with 13%.
The Mannheimer group needs at least E250m to get out of trouble. The insurer is fighting for its very survival. The company needs fresh money or a strong partner in order to withstand the stock exchange crisis.
Last year, the group's life company Mannheimer Leben showed a loss of E60m because of the stock market crisis, and needed E90m in fresh money from the parent company Mannheimer Holding in order to avoid complete collapse. Mannheimer has stopped selling whole life policies, the main business of most German life insurers. Customers who already have a policy will be paid only the guaranteed interest of 3.25% to 4.0%.
2003 could be even worse, according to the group's own calculations, unless the stock market improves dramatically. Should the German blue-chip index Dax be at a similar level at the end of this year as it was in December ...
- S&P Revises Mannheimer Leben Rating to 'R'.
- Press release article from: Business Wire June 27, 2003 700+ words
...Mannheimer Lebensversicherung AG (Mannheimer Leben) to 'R' from 'CCCpi'. An insurer...June 26, 2003, announcement that Mannheimer Leben's insurance assets and liabilities...analyst Karin Clemens. In addition, Mannheimer Leben announced that it will close to new...
- Mannheimer Leben recovery likely to take years, according to Protektor...
- News wire article from: Europe Intelligence Wire July 29, 2003 700+ words
...company, it had been feared that the burden of the life subsidiary might drive parent Mannheimer Holding into insolvency. Mannheimer Leben had run into difficulties owing to its failed investment strategy. Shares had constituted more than 20 per cent of its...
- Investor sought for Mannheimer Lebensversicherung (Versicherer ringen um...
- News wire article from: Europe Intelligence Wire April 25, 2003 700+ words
...for Mannheimer Lebensversicherung, the life assurance subsidiary of insurance group Mannheimer AG Holding. Last year, Mannheimer Leben, which showed turnover of 344m euros, was forced to write down 114m euros on shares, and delayed further value adjustments...
- Mannheimer Leben policies expected to be transferred to safety net (Die...
- News wire article from: Europe Intelligence Wire June 27, 2003 700+ words
(From Handelsblatt) Policies with Mannheimer Lebensversicherung, the life assurance subsidiary of struggling German insurance group Mannheimer Holding, seem certain to be transferred to Protektor, the safety net formed for the German life assurance sector. This follows the failure of talks among
- Protektor disposes of first package of Mannheimer Leben contracts (Protektor...
- News wire article from: Europe Intelligence Wire March 8, 2004 700+ words
(From Handelsblatt) Itzehoer Lebensversicherung, the German life assurer, is reported to have taken over around 1,400 state-subsidised private pensions from the portfolio of the collapsed Mannheimer Lebensversicherung, which, until now, have been managed by Protektor, the German company which acts
- Protektor fulfils conditions for normal operation of Mannheimer Leben business...
- News wire article from: Europe Intelligence Wire October 22, 2003 700+ words
(From Borsen-Zeitung) Protektor Lebensversicherung, the company which acts as a safety net for the German life assurance sector, is reported to have fulfilled the financial conditions necessary to allow it to operate, as normal, the business taken over from the ailing life assurer Mannheimer
- Protektor fails in first attempt to sell Mannheimer Leben policies (Protektor...
- News wire article from: Europe Intelligence Wire November 19, 2004 700+ words
(From Borsen-Zeitung) Protektor, the company set up as a safety net for German life assurers, has failed in a first attempt to sell the portfolio of policies which it took over a year ago from Mannheimer Lebensversicherung, the ailing life arm of German insurance group Mannheimer Holding. Protektor
- Munich Re in rescue bid for troubled Mannheimer group.
- News wire article from: Europe Intelligence Wire May 16, 2003 700+ words
...shareholders. Alongside Uniqa and Munich Re, six other insurers are involved...Because of this, the life subsidiary Mannheimer Leben already in 2002 showed a loss of...manager. For this reason, too, Munich Re feels it has to take part in the...
- Record losses add to prickly issue of Mannheimer rescue.
- News wire article from: Europe Intelligence Wire June 3, 2003 700+ words
...with 12.9%, followed by Munich Re with 10%. Six other reinsurers...One side including reinsurer Munich Re says that the industry must...business of the life company, Mannheimer Leben. See p8 for Munich Re first-quarter results report
- German gov't mulls tax breaks for insurers.
- News wire article from: Europe Intelligence Wire October 13, 2003 700+ words
...under like the life insurer Mannheimer Leben, it said. Reinsurance giant Munich Re, for example, would save...percent to 83.38 euros and Munich Re shares leapt 4.18 percent...our one-off charges," a Munich Re spokesman said.