Insurance industry
Fierce economic pressures are forcing life assurers to rethink their business models, resulting in significant job losses. Aviva, the UK's largest life assurer, and Royal London, the second-largest mutual life assurer, have announced combined job cuts of 1,330, with Aviva cutting 700 jobs and reducing contract positions
Insurance industry
Pricoa Consulting (Shanghai) Co., Ltd., a relocation business of Prudential Financial, Inc., has announced a name change to Pricoa Consulting (Shanghai) Co., Ltd. The company, which was founded in 1985, specializes in destination services, household goods transportation, and tenancy management. With offices in Shanghai, Singapore, Taiwan, and Tokyo, Pricoa Consulting
Insurance industry
Fidelity National Financial Inc., a Jacksonville, Fla.-based company, plans to undertake a $500 million initial public offering (IPO) as part of a spinoff of its noninsurance operations into a separate publicly traded company. The spinoff, which will result in the formation of Fidelity National Information Services Inc. (FIS), aims
Insurance industry
Fidelity National Financial (FNF) announced plans to separate its non-insurance operations into a separately traded public company, Fidelity National Information Services (FIS), through an initial public offering (IPO) and subsequent spin-off. The move aims to position the company for future growth and provide a separate publicly traded currency to finance
Insurance industry
Standard & Poor's Ratings Services revised the CreditWatch status of its ratings on MONY Life Insurance Co. and its affiliates to positive, citing the successful shareholder vote to approve the company's proposed acquisition by AXA Financial Inc. This action eliminates the greatest obstacle to the merger,
Insurance industry
AXA Financial, Inc., has announced that stockholders of The MONY Group have voted to approve a merger with AXA Financial, a leading financial services organization. The cash transaction is valued at approximately $1.5 billion and will acquire 100% of MONY, a financial services firm that provides protection, accumulation, and
Insurance industry
DT Industries Inc., a maker of assembly line machines based in Dayton, Ohio, has filed for Chapter 11 bankruptcy protection, citing a weak capital goods sector and softness in its core electronics market as key contributing factors to its financial struggles. The company's largest unsecured creditor, Citicorp Inc.
Insurance industry
CNA Financial Corp. has reportedly turned the corner with its commercial property and casualty lines, surpassing Wall Street expectations in the first quarter after implementing significant rate increases. The insurer, which sold its life insurance business to focus exclusively on commercial lines, achieved a favorable ratio of claims payments and
Insurance industry
MBNA Corp., the world's largest credit card issuer, is poised to acquire Egg plc, the Internet banking unit of Prudential plc. This move would solidify MBNA's position in the UK market and provide a significant boost to its customer deposits. MBNA has been expanding its business
Insurance industry
Prudential Fixed Income analysis of Fed policy during Chairman Alan Greenspan's tenure reveals that the central bank has not hesitated to raise interest rates in election years. Despite speculation that the Fed might hold off on rate hikes during an election year to avoid appearing political, the data
Insurance industry
Assured Guaranty Ltd., a financial guarantee business, successfully debuted on the New York Stock Exchange on Friday after pricing its initial public offering (IPO) at $18 per share. The company, a former unit of Bermudian insurer Ace Ltd., raised $840.1 million in net proceeds from the offering, with the
Insurance industry
WellChoice Inc. has terminated discussions with Oxford Health Plans, fueling market speculation about other potential mergers. This development comes as the insurance industry continues to undergo significant changes, with companies like Assured Guaranty Ltd. launching public offerings and Aetna Inc. appointing new leadership. Meanwhile, A.M. Best has affirmed the
