Insurance industry
Norwich Union is set to shake up the UK mortgage market with the launch of its base rate tracker loan, offering rates as low as 5.1% for most borrowers. The move is seen as a direct challenge to Standard Life Bank's popular 6% mortgage, which has garnered
Insurance industry
RenaissanceRe Holdings Ltd., a global provider of reinsurance and insurance, reported a 15% drop in first-quarter 1999 net income, citing the higher loss ratio connected with subsidiary Nobel Insurance Co. The company's net income dropped to $30 million or $1.41 a share, from $35.7 million or
Insurance industry
Aetna Inc. has introduced a cost-effective health insurance plan, Affordable HealthChoices, targeting the 25 million uninsured working Americans. The policy, priced as low as $46 per person or $156 per family per month, aims to provide minimal coverage to individuals who cannot afford traditional health insurance. Approved in Texas, Connecticut,
Insurance industry
Electronic Data Systems, a leading technology consulting firm based in Texas, has confirmed the elimination of 5,200 jobs, representing approximately 4% of its workforce. This drastic measure comes as the company reports a first-quarter net loss of $20.6 million, or 4 cents per share. The financial results include
Insurance industry
Kirk Rothrock, a veteran of the health care industry with extensive experience in managed care and financial services, has been appointed president of Intracorp, a national leader in health care and disability-management services. As part of CIGNA Health Services, Intracorp provides a range of services to over 20 million people
Insurance industry
Cendant Corporation, a leading global provider of consumer and business services, has been cleared of any wrongdoing in a securities class action lawsuit filed in the United States District Court for New Jersey in Newark. The court's decision to dismiss the lawsuit marks a significant victory for the
Insurance industry
A 49-year-old Darnell Moore has been selected as the executive vice president of administration at American Family Insurance, pending approval by the company's board. If approved, Moore would take over from Jim Klokner, who has been with the company for 36 years. Moore has been with American Family
Insurance industry
BB&T Insurance Services, a subsidiary of BB&T Corporation, has announced its plan to acquire Givens & Williams Inc., an independent insurance agency in Fairfax, Va. The acquisition will give BB&T Insurance Services entry into the metropolitan Washington, D.C. market, expanding its presence in
Insurance industry
WellPoint Health Networks is finalizing a revised offer to acquire Blue Cross Blue Shield of Colorado, potentially increasing the value of the deal to $240 million. This revised offer is significantly higher than their initial bid and would see the creation of a charitable foundation with proceeds of at least
Insurance industry
Colorado Insurance Commissioner William Kirven recently approved a $50 million loan to Blue Cross Blue Shield of Colorado from Indianapolis-based Anthem Inc. The loan is part of a deal that would allow Anthem to buy Blue Cross for $155 million in cash and $10 million in administrative services. Critics, however,
Insurance industry
Citigroup, the world's largest financial services firm, is planning a significant shift in its sales strategy by training and licensing up to 3,000 of its branch employees in financial analysis and sales. The move, aimed at cross-selling products offered by its merger partner, Travelers Group, marks a
Insurance industry
Fortis, a Belgian-Dutch financial services giant, has agreed to purchase American Bankers Insurance Group, one of the top U.S. credit insurers, for $2.6 billion in cash. This acquisition is part of Fortis' strategy to develop niches in specialty businesses in the United States. The combined entity will
