Insurance industry
The First Circuit U.S. Court of Appeals has reversed a lower court's decision to dismiss a disability insurer's complaint for a declaration of noncoverage. The court's ruling has significant implications for employees and employers alike, as it clarifies the application of ERISA (Employee
Insurance industry
The Third Circuit U.S. Court of Appeals ruled in James Barber v. UNUM Life Insurance Company of America that ERISA preempts Pennsylvania's bad faith statute for insurance claims through conflict and express preemption. This decision comes after a split in Pennsylvania's federal district courts, with
Insurance industry
American Financial Group Inc., parent of Great American Insurance Co., estimates its after-tax losses from Hurricane Charley will be approximately $8 million after it recoups some losses from reinsurance. The company expects the bulk of claims reported so far are from commercial policies covering businesses in Florida. The estimated losses
Insurance industry
Nationwide Mutual Insurance Co. is anticipating a significant number of claims and losses related to Hurricane Charley, which struck Florida as a Category 4 hurricane on August 13. The insurer, the fourth-largest writer of homeowners multiperil in Florida, expects over 50,000 claims with losses of approximately $380 million. This
Insurance industry
Norwich Union, the UK arm of Aviva, has changed its position on imposing time limits for customers to complain about mis-sold endowment policies. Despite previously stating it would not impose such limits, the company has announced plans to write to 1.1 million mortgage endowment customers to inform them they
Insurance industry
As of July 31, 2004, portfolio information for John Hancock's closed-end funds, including performance, top-ten holdings, and sector weightings, is now available on the company's website. This information is a valuable resource for investors seeking to make informed decisions about their investments. John Hancock Funds, a
Insurance industry
The John Hancock Tax-Advantaged Dividend Income Fund has declared its regular monthly dividend, offering an attractive annualized yield of 7.01 percent based on the fund's closing market price as of August 6, 2004. This dividend is in line with the fund's investment objective of providing
Insurance industry
Following a warning by the Department of Homeland Security, Prudential Financial opened its global headquarters in Newark, New Jersey, on August 2, 2004. Despite a heightened threat level, employees reported to work under increased security, with armor-clad police officers, concrete barriers, and restricted access. Prudential's security measures were
Insurance industry
Despite specific and detailed terror threats from Al-Qaida targeting major financial institutions and government buildings, those institutions were open for business as usual on Monday. The threat, which included mentions of truck and car bombs, prompted intensified counter-measures from law enforcement agencies. However, the institutions in question, including the New
Insurance industry
The John Hancock Patriot Global Dividend Fund recently announced its regular monthly dividend, offering an attractive yield for investors. With an annualized yield of 8.03 percent, based on the fund's closing market price as of July 26, 2004, this dividend provides a high level of current income
Insurance industry
John Hancock Income Securities Trust, a closed-end fund managed by John Hancock Advisers, LLC, has reported significant financial results for the second quarter ended June 30, 2004. The trust's net investment income for the period was $3,610,164, a notable increase from the comparable period in 2003,
Insurance industry
The St. Paul Travelers Companies, formed by the merger of the St. Paul Companies and the Travelers Property Casualty Corporation, has surprised investors by delaying its financial statements until it receives guidance from the Securities and Exchange Commission on how to handle a $1.6 billion write-off. The company, one
