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To: Mad2 who wrote (17543)	2/24/2003 8:35:24 AM
From: RockyBalboa	Read Replies (1) \| Respond to of 18998

"Is 'Ahold' Dutch for 'Enron'?" Too funny. Yes and these are the things to come. European comapnies and those who feed them were good in hiding dirt under the carpet. Now with the usual delay the same things come out. The US affiliate food service allegedly misstated the earnings by 500 Million. Some 12B debt are affected by todays junk rating. There will be ramifications in european debt markets as well. Stock has GTZ chances. I wonder that neither the european authorities nor the SEC imposed a trading suspension as this is a clear sign that previously made statements "shall not be relied on".

To: Mad2 who wrote (17543)	3/10/2003 2:22:29 PM
From: RockyBalboa	Read Replies (1) \| Respond to of 18998

Next: German Gerling Reinsurance Buffett: Reinsurer Stops Paying Claims Monday March 10, 1:09 pm ET NEW YORK (Reuters) - Billionaire investor Warren Buffett (News) said a large unnamed reinsurer has "all but ceased paying claims," which he said would lead to billions of dollars of write-offs by insurers who bought policies from the company. ADVERTISEMENT Buffett, whose Berkshire Hathaway Inc. (NYSE:BRKa - News) is the world's third-largest reinsurer, through its General Re unit, did not name the reinsurer. He made the comments in his annual letter to shareholders, published on Saturday. "One of the world's largest reinsurers -- a company regularly recommended to primary insurers by leading brokers -- has all but ceased paying claims, including those both valid and due," Buffett wrote. "This company owes many billions of dollars to hundreds of primary insurers who now face massive write-offs." Several reinsurers -- companies that take on a share of insurers' risks, for a premium, to help them dilute the effect of large claims -- have stopped underwriting in the past year as massive claims, such as those from the World Trade Center, hit them hard after almost a decade of plunging premium rates. Analysts speculated that Gerling Global Re, a unit of troubled German insurer Gerling, was the company referred to by Buffett. "A simple process of elimination points to no other likely reinsurer," said Chris Winans, an analyst at Williams Capital Group. "We are paying all claims that fall due," a Gerling spokesman told Reuters. Gerling Global Re -- the world's No. 7 reinsurer in 2001, according to rating agency Standard & Poor's -- stopped underwriting new business six months ago. Gerling moved to sell the unit to a group of investors, but German financial regulators blocked the sale last month, partly over fears that claims would not be paid. "The future of Gerling Global Re as a viable claims paying organization is increasingly uncertain," said Fox-Pitt Kelton analyst Michael Hallett. Fox-Pitt Kelton is owned by Swiss Re (RUKZn.VX), a rival reinsurer. Market sources in Germany said that Gerling Global Re had not stopped paying claims, although there might be problems with payouts ahead. If Gerling Global Re does stop paying claims, it would mean large losses for many insurers around the world. U.S. insurers CNA Financial Corp. (NYSE:CNA - News), W.R. Berkley Corp. (NYSE:BER - News), American Financial Group Inc. (NYSE:AFG - News), Hartford Financial Services Group Inc. (NYSE:HIG - News) and Travelers Property Casualty Corp. (NYSE:TAPa - News) are the U.S. insurers most exposed to losses from Gerling Global Re, said Fox-Pitt Kelton analysts, citing information from statutory filings.