Seguros ING S.A. de C.V.

Baja California Sur, Mexico: (May-17-07) The Mexican company Grupo Fertinal S.A. and certain affiliates filed charges against Seguros ING S.A. de C.V., the Mexican insurance subsidiary of The Netherlands' ING Group, over a dispute concerning the amount to be paid for damages to Fertinal's mines caused by Hurricane Juliette in 2001. In an earlier settlement, Mexican courts had tied up $300 million, which is the policy limit of ING's funds and ordered the arrest of 10 Seguros Commercial employees, who were charged with withholding the funds. In a recent settlement reached in a federal appellate court in Mexico City, the court ordered a reduced payout of $94 million, plus interest. [INSURANCE JOURNAL: HURRICANE DAMAGE]

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Published on May-18-07