Insurance industry
Allendale Insurance Company is evaluating whether to pay a $400 million insurance claim filed by telecommunications giant GTE Corp. related to Year 2000 (Y2K) repairs. The claim is tied to GTE's efforts to repair or replace its computer systems to mitigate potential losses due to the Y2K bug.
Insurance industry
Insurer CGU is eyeing a potential takeover of Royal & Sun Alliance (RSA) in a deal that could be worth £10bn, with corporate financiers and analysts speculating about the companies' next move. As talks remain private, some deal makers are suggesting a creative solution: separating the insurers' life
Insurance industry
Lloyds TSB chief executive PETER Ellwood expressed confidence that the bank's $7 billion offer for Scottish Widows would not be topped by any rival bidder. Ellwood highlighted the benefits of the deal, which includes giving Scottish Widows' products access to 15 million customers, roughly one in four
Insurance industry
North Fork Bancorporation, Inc., Nationwide Insurance Enterprise, and NHS joined forces to open an NHS office in Richmond Hill, Queens, as part of a multi-year funding commitment to provide first-time homeownership opportunities and home improvement loans to low-to-moderate income areas in the region. The partnership aims to strengthen the community
Insurance industry
Lloyds TSB's decision to replace its in-house insurance operation, Lloyds TSB Life, with Scottish Widows has raised concerns about the future of bancassurance and the potential for customers to end up with products carrying different fees and commissions. The move has sparked scrutiny of the exclusive sale of
Insurance industry
Community activists are pushing back against Blue Cross Blue Shield of Colorado's planned sale to Anthem Inc., alleging a lack of transparency and self-dealing in the deal. The sale, announced in March, has been criticized by some for being shrouded in secrecy and potentially benefiting Blue Cross at
Insurance industry
South Korea's government sought a fresh round of bids for the debt-ridden Korea Life Insurance after an initial auction failed to meet its criteria. Analysts say none of the eight bids received meet the necessary requirements, mainly driven by investment and property companies rather than foreign insurers. The
Insurance industry
USinternetworking Inc. (USi), a leading Application Service Provider (ASP), has partnered with Liberty Financial Companies, Inc. to re-host and manage the financial services e-commerce sites for four Liberty Financial companies, using USi's Internet Selling e-commerce solution based on BroadVision One-To-One Commerce. The partnership aims to provide Liberty Financial
Insurance industry
Following the announcement of Capital Re's merger with ACE Limited, Fitch IBCA affirms Capital Reinsurance Co.'s 'AAA' claims-paying ability rating. The merger allows Capital Re to benefit from ACE's greater access to capital and liquidity, as well as increased dividend flexibility. Additionally,
Insurance industry
As the pace of mergers and acquisitions in Northeast Ohio accelerates, public company executives are feeling increasing unease about their stock prices and the likelihood of being acquired. According to Ellen Batkie, director of investor relations at Charter One Financial Inc., no one can afford to relax in this market.
Insurance industry
Steve Sykes, manager of Alveston Football Club, has announced his resignation following the club's failure to apply for promotion to the Interlink Express Alliance. Sykes, who has led the Warwickshire club to a Premier Division title in his third season, claimed that the club had assured him an
Insurance industry
Allianz Life Insurance Company of North America and Life USA Holding, Inc. have agreed to a cash acquisition deal, with Life USA shareholders set to receive $20.75 per share. The transaction will see Robert W. MacDonald, Chairman and CEO of Life USA, become CEO of Allianz Life, while Lowell
