Dutch Like Us: Netherlands Rescues Insurer

The Dutch government is lending a major insurance company billions of dollars. Let’s hope it doesn’t use that money to take fancy corporate retreats.

NYT: The insurance company Aegon said Tuesday that it had taken an investment of 3 billion euros or $3.7 billion from the Dutch government, acting to shore up its cash position in the face of the continuing financial crisis.

The company also said it expected to post a loss of around 350 million euros ($436 million) in the third quarter and canceled dividends and executive bonuses for the rest of the year.

“We welcome this additional capital buffer that the Dutch state has provided,” the chief executive Alex Wynaendts said in a statement, “in this time of uncertainty and unprecedented economic turmoil.”

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