Canadian Underwriter

World Cup scores new insurance deal

October 30, 2001   by Canadian Underwriter

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FIFA, the body representing the World Cup of soccer has found a new insurer for the event finals next year in Japan. Following the events of September 11, French insurer AXA decided to terminate its policy with FIFA with one month’s notice.
Following the incident, AXA said it would renegotiate the deal under new terms. However, FIFA has now negotiated a deal for “cancellation insurance” with U.S.-based National Indemnity Group, a subsidiary of Berkshire Hathaway. The new policy cannot be terminated by the insurer, FIFA reports.
FIFA also says that it has started legal proceedings against AXA.

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