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| '''ING Mexico''' was the ] subsidiary of the ] ]. | |||
| ==History== | |||
| ING's initial operations in Mexico predate any involvement in the insurance arena by establishing a representative office of ING Barings in ] where private and ] ] services in Mexico were offered to high-net-worth individuals and large corporations. However, ING's funding of Mexican ventures in the international arena was done directly from their ], ], ] and ] offices. | |||
| ING Mexico's operations today are largely composed of its acquisition of '']''. Seguros Comercial America (now Seguros ING) is Mexico's largest insurance company that results from the acquisition and reverse merger of Seguros America (once owned by ], Mexico's largest ]), and ] under the management of its previous majority stockholder, ], who also acquired ], a former state-owned underwriter that was the largest insurance company still held by the Mexican government under ] ]'s term, that is also part of the Seguros Comercial America legacy. | |||
| Seguros Comercial America was Mexico's largest insurance company, and was dominant in the property and casualty markets, not anymore, they are currently losing their vast portfolio because of ineptly handling their various insurance claims amongst them the Fertinal claim. Seguros Coemrcial America was acquired by ING Group in 2001, now is part of ING Mexico, which includes other financial services under the ING Comercial America umbrella, now as of the 14th of July 2005 they have been ordered by a judge in a court ruling to pay in excess of USD 300 million plus compound interest accrued as of November 2001 to Fertinal a local prestigiuos mining conglomerate which they left our in the cold because of the insurance company´s refusal to pay a large proceeding claim, because of ING Comercial Americas inept and inexcusable handling of the Fertinals insurance claim, of course the Dutch Management inexcussably (and again in a wrong tactical move, wrong as they insult the local Mexican Judiciary by calling them corrupt adding insult to injury) blame it on the supposedly corrupt Mexican Judges instead of blaming it really on their own inept and corrupt local staff once headed by Alfonso Romo (who is currently under criminal investigation by his own shareholders, amongst them and led by his father in law, for allegded money mismanagement in the Savia affair) and his useless and reckless staff! It was about time they honor their due! The quicker they pay the less the damage will be inflicted upon ING Comercial America in terms of their local image and additionaly in the trust placed upon them by their own Reinsurers who are starting to seriously doubt their underwriting and claims handling abilities! | |||
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Latest revision as of 10:40, 7 November 2023
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ING Mexico was the Mexican subsidiary of the Dutch ING Group.
History
ING's initial operations in Mexico predate any involvement in the insurance arena by establishing a representative office of ING Barings in Mexico City where private and investment banking services in Mexico were offered to high-net-worth individuals and large corporations. However, ING's funding of Mexican ventures in the international arena was done directly from their New York City, London, Switzerland and Amsterdam offices.
ING Mexico's operations today are largely composed of its acquisition of Seguros Comercial America. Seguros Comercial America (now Seguros ING) is Mexico's largest insurance company that results from the acquisition and reverse merger of Seguros America (once owned by Banamex, Mexico's largest commercial bank), and Seguros La Comercial under the management of its previous majority stockholder, Alfonso Romo Garza, who also acquired ASEMEX, a former state-owned underwriter that was the largest insurance company still held by the Mexican government under President Ernesto Zedillo's term, that is also part of the Seguros Comercial America legacy.
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