Insurance industry
Radian Group Inc. has announced an increase of $96 million to its loss reserves as a result of expected claims from a manufactured housing transaction originated and serviced by Conseco Finance Corp., St. Paul, Minn. This increase will result in a reduction of Radian's fourth-quarter 2003 earnings by
Insurance industry
American Re-Insurance Company, a significant player in the U.S. professional reinsurance market, has reported robust earnings in 2003 and maintained its superior financial strength rating of A+ (Superior) following a pre-tax charge of $368 million for additional reserve strengthening. The rating agency, A.M. Best, believes that the company&
Insurance industry
Catlin Group Ltd., a leading international property and casualty insurer and reinsurer, is set to make its debut on the London Stock Exchange with an initial public offering (IPO) of $200 million in April 2004. The listing is a significant milestone for the company, which has reported strong financial performance
Insurance industry
Vesta Insurance Group Inc. is facing a significant financial blow after an arbitration panel ruled against the company in a dispute with Australian insurer NRMA Insurance Ltd. The panel's decision has forced Vesta to take a $33.5 million charge in its fourth-quarter earnings, a substantial hit to
Insurance industry
The South Korean government has completed the sale of an 80-percent stake in Hyundai Investment & Securities Co. to Prudential Financial Inc., with the US insurer paying 355.5 billion won (approximately $3 billion) to acquire the controlling stake. This deal marks a significant step towards rebalancing the troubled company&
Insurance industry
Prudential Real Estate Investors (PREI) has made a significant investment in the Washington, D.C. market by acquiring the 2100 M Street office building on behalf of its investors from Consortium Two-2100 M Street. The 298,416-square-foot, Class "A" office building, located in the city's New
Insurance industry
Shareholders' opposition to MONY Group Inc.'s proposed merger with Axa Financial Inc. has gained significant traction, with a Delaware state court's decision potentially delaying the scheduled shareholder vote on the plan. Judge Stephen P. Lamb of the Court of Chancery in Wilmington, Del., has ordered
Insurance industry
AXA Financial's President and Chief Executive Officer, Christopher "Kip" Condron, emphasized the company's intention to acquire The MONY Group Inc. despite speculation surrounding the deal's fate. Condron firmly stated that AXA Financial's offer of $31 per share is "full
Insurance industry
The English Institute of Sport officially opened its doors with a bang this weekend, hosting the Norwich Union World Trials and AAA Championships. Top athletes, including Olympic Gold medalist Denise Lewis and Commonwealth champion Kelly Holmes, were on hand to praise the state-of-the-art facility. The £27m venue boasts an indoor
Insurance industry
Kelly Holmes sharpened up for next month's World Indoor Championships in Budapest with a blistering victory in Sheffield yesterday. The 33-year-old Olympic gold medalist turned the 800 meters at the Norwich Union World Trials into a solo display, clocking a championship record 2:01.40 seconds. Holmes streaked
Insurance industry
Aviva, the country's largest insurer, is set to close its national broker subsidiary, Hill House Hammond, resulting in the loss of 1,600 jobs. The decision, which is set to be completed by the end of 2004, will see the closure of 240 HHH branches and offices, including
Insurance industry
Aviva, a leading U.K.-based insurer, has announced plans to close its national broker subsidiary, Hill House Hammond, and transfer its business to Norwich Union Direct. The move, expected to be completed by the end of 2004, will result in approximately 1,200 layoffs and the transfer of around
