Germany's BASF considers creating reinsurance company

16 January 2002 14:54  [Source: ICIS news]

LONDON (CNI)--German chemicals company BASF confirmed on Wednesday that it is considering creating a reinsurance company following an increase in premiums after the terrorist attacks in the US last September.

BASF said it is considering a reinsurance project following unsatisfactory results from contact made by both the company and the German chemical industry association (VCI) with the German government regarding reinsurance problems.

A BASF spokeswoman was unable to comment on whether other companies were involved in the talks to create the new company. According to German reports, BASF has been in discussion with various blue chip companies, including engineering giant Siemens and airline Lufthansa.

She stressed that no decisions have yet been made to create a reinsurance company.

Siemens declined to comment on its potential involvement. Nobody from Lufthansa was immediately available.

By: Joanna Kesteven
+44 208 652 3214

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