ING Comercial América, the insurance company of ING in Mexico, has been notified by a local court in Mexico City about a ruling in the judicial process with regard to a civil claim involving the Mexican company Grupo Fertinal S.A. and certain affiliates. According to this ruling, regardless of the actual damage sustained that resulted in the underlying claim, Grupo Fertinal has been awarded approximately USD 275 million under the policy, plus consequential damages of USD 25 million.
ING Comercial América is studying the ruling and intends to appeal.
ING expects that, after the final outcome of this judicial procedure, the risk in the policy will be adequately covered by provisions taken as well as reinsurance coverage.
As has previously been announced, ING Comercial América has been involved in a judicial procedure with Grupo Fertinal S.A. since the hurricane 'Juliette' in September 2001 caused damage to mines of Fertinal in the Mexican state of Baja California Sur. The dispute involves what amounts are due for certain hurricane-related damages under the insurance policy issued to Fertinal.
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Press enquiries:
Dailah Nihot, ING Group, The Netherlands, +31 20 541 6516, dailah.nihot@ing.com
Dianne Bernez, ING Americas, USA, +1 770 618 3910, Dianne.Bernez@us.ing.com |
Certain of the statements contained in this release are statements of future expectations and other forward-looking statements. These expectations are based on management's current views and assumptions and involve known and unknown risks and uncertainties. Actual results, performance or events may differ materially from those in such statements due to, among other things, (i) general economic conditions, in particular economic conditions in ING's core markets, (ii) performance of financial markets, including emerging markets, (iii) the frequency and severity of insured loss events, (iv) mortality and morbidity levels and trends, (v) persistency levels, (vi) interest rate levels, (vii) currency exchange rates, (viii) general competitive factors, (ix) changes in laws and regulations, and (x) changes in the policies of governments and/or regulatory authorities. ING assumes no obligation to update any forward-looking information contained in this document
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