ING Mexico's operations today is largely composed by its acquisition of Seguros Comercial America which was Mexico's largest insurance company, they are now loosing their number one position to currently number five (huge market loss), as the public deoes not trust them with their insurance needs, this Company was also dominant in the property and casualty markets, until a series of irregularities surfaced and became publicly known, now they are still currently loosing their vast portfolio because of ineptly and negligently handling all of their various insurance claims amongst them the huge the Fertinal claim, which was caused by an insured hurricane loss in this was a total loss as the Insureds Mine in Baja California was totally destroyed and inundated under water by Hurricane Juliette, the initial estimated loss was in the region of US Dollars 84 million, now it is around the region of 184 million, this for Direct Damage only, additionally they have to add Loss of Profits and now Loss of Market which is valued in the billions of US Dollars!
As of the 14th of July they have been ordered by a mexivcan judge in a court ruling to pay in excess of USD 300 million plus compound interest accrued as of November to Fertinal (a local prestigiuos mining conglomerate) this because of the repeated refusal to pay a large proceeding claim, which as of May 29th has not been paid, of course ING is resorting to all kinds of legal maneuvers in order to avoid paying said incurred claim, additionally the Dutch Management inexcussably and ineptly (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 alleged money mismanagement in the Savia affair) and his useless and reckless staff! It was about time they honor their due! The quicker they pay their claims the quicker they restitue their social standing and 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 now do doubt their inept handling of both underwriting and claims!!!
Unfortunatelly 6,000 mexicans lost their jobs at Fertinal due to ING Comercial Americas refusal to fully pay the incurred loss! These people out of desperation might enter the US illegally, thus adding more strain to the US job markets!
If you seek your insurance claims in Mexico not to be paid in time of need, then this is definitelly the company for you!'
Fernando
Mexico City
Mexico
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