American Underwriter's Group, license withdrawn

The Ministry of Economy and Trade has withdrawn the license of American Underwriter's Group (AUG) following repeated violations of rules governing insurance. AUG had already received two warnings from the authorities. The board of directors of the company shall appoint an auditor entrusted with the reimbursement of customers. AUG marketed mainly fire insurance and accident insurance. In 2009, it reported a turnover of 1.225 million USD, that is, 0.2% of the non-life market.