“We are aware of the importance of occupational pensions for employees of the Cofra group, especially those of C&A and we will take on this responsibility unreservedly,” said Bernd Neumann, the insurer’s chief financial officer.No statement was made by C&A or Prudentia on the deal, which is still subject to approval by German supervisor BaFin.The sale of the Pensionskasse could be connected to rumours about a possible sale of C&A by Cofra, which has been reported in the German press.Frankfurt Leben is owned by Chinese finance group Fosun and is one of several run-off platforms to have started operating in the German market over the past two years.Life insurance companies and German Pensionskassen alike are struggling with the current low-interest rate scenario, which has challenged their ability to keep promises made in different market environments.By selling businesses to run-off platforms, companies can take some liabilities off their balance sheet. Experts have also argued that pension plans with falling memberships can benefit from pooling together on such platforms.Read more about run-off deals in Germany in the April issue of IPE. The Cofra Group, owner of fashion company C&A, has sold its German Pensionskasse to Frankfurter Leben-Gruppe (Frankfurt Leben).In total, €1.8bn in assets run for C&A’s 50,000 current and former employees in Germany were transferred to the run-off platform.The sale of Prudentia PK follows Frankfurt Leben’s purchase of AXA’s €3bn multi-employer Pensionskasse Pro bAV in February. The insurer now runs roughly €10bn of pensions and insurance assets.Frankfurt Leben, which specialises in running closed asset pools, said it would continue to run C&A’s pension plan and make payouts.
Greek shipowner Euroseas handed over its final drybulk vessel, the M/V Monica P, to the ship’s new owner on June 28.The 1998-built ship was put up for sale on March 31, 2018, and was finally sold at a price of USD 6.45 million.With the delivery of the 46,667 dwt ship, Euroseas’ fleet consists of 10 feeder and one intermediate containership with a total carrying capacity of 25,473 TEU making the company the sole US-listed feeder containership company.“We are pleased to announce the delivery of our last drybulk vessel to its buyers. This sale marks the completion of the separation of our containership and drybulk fleets following the spin-off of our other six drybulk vessels in a separate US-listed public company, EuroDry Ltd, on May 30, 2018,” Aristides Pittas, Chairman and CEO of Euroseas, said.“We can now pursue growing Euroseas as a pure container company focused on feeder containerships, a sector with very strong fundamentals as the orderbook to fleet ratio is near the lowest levels of the last 20 years and demand growth prospects appear strong,” Pittas added.Furthermore, based on recent filings made with the Securities and Exchange Commission, the company informed that its shareholder Friends Investments Inc (FIC) has purchased 275,309 common shares of the company in the open market for a total of 4,033,004 common shares, or approximately 35.8% of Euroseas’ outstanding common shares.
They defeated Limerick 1-24 to 0-10 to claim the title for the second successive year.The Premier County won the provincial crown without playing a single match at home.Manager Liam Cahill hopes that stands them in good stead for their All Ireland Semi Final and feels it should as the side has done it the hard way.