Insurance industry
Norwich Union, a UK-based insurer, has announced an 8% increase in UK new business sales for 1998, reaching £283m. This strong performance was driven by a surge in group personal pension and investment bond product sales, as well as a 18% rise in regular premium sales to £126m. The company&
Insurance industry
Bermuda-based ACE Limited has agreed to buy Cigna's international and domestic property and casualty insurance businesses for $3.45 billion in cash, significantly strengthening its position in major insurance markets. This deal follows Aetna U.S. Healthcare's announcement to allow external review of coverage decisions, a
Insurance industry
A.M. Best Co., a leading credit rating agency, has placed the A+ rating of ACE Ltd. under review with developing implications, following its announcement to acquire Cigna Corp.'s domestic and international property insurance businesses for $3.45 billion in cash. This significant transaction solidifies ACE's
Insurance industry
Alfa Insurance Group, a leading insurance company based in Montgomery, Alabama, has announced an extension of its offer to form a strategic alliance with Vesta Insurance Group, a Birmingham, Alabama-based insurance company that has been struggling financially. Despite a setback in negotiations, Alfa remains committed to the deal, which could
Insurance industry
Security concerns surrounding the trial of Thomas Overton, accused of murdering a Tavernier couple and their unborn child in 1991, have led a judge to order special precautions for the defendant. Monroe County deputies have equipped Overton with a shock belt that delivers 50,000 volts for eight seconds if
Insurance industry
InsWeb Corporation, the leading insurance marketplace on the Internet, has announced a partnership with American International Group, Inc. (AIG) to offer homeowners insurance in 30 states. This move follows AIG's existing presence on the platform for personal automobile insurance in 38 states. The partnership aims to provide consumers
Insurance industry
A.M. Best Co. recently affirmed the "A-" (Excellent) ratings of Frontier Insurance Co. and its subsidiary, Frontier Pacific Insurance Co., despite facing a significant pre-tax charge of $150 million in the fourth quarter of 1998. The affirmation is based on the company's ability to contain
Insurance industry
Travelers Property Casualty Pool, a 20-member group led by the Travelers Indemnity Co., has received a rating upgrade from A to A+ by A.M. Best Co. This upgrade comes as a result of Travelers' outstanding financial performance, conservative balance sheet, and excellent capitalization. The company's strong
Insurance industry
CIGNA Property & Casualty's Secure Systems Insurance program, introduced in October 1998, provides insurance protection against loss of corporate information assets and systems technology. To qualify for this insurance, companies must meet certain underwriting criteria and achieve an "insurable state." As part of this effort, Vanstar
Insurance industry
Aetna Inc., the nation's largest health insurer, has agreed to buy Prudential HealthCare for $1 billion, significantly expanding its membership in key states and solidifying its position as a dominant player in the managed care industry. The acquisition adds approximately 6.6 million members to Aetna U.S.
Insurance industry
Aetna Inc. has become the largest health maintenance organization in the country with its acquisition of Prudential HealthCare, a move that may have significant implications for the healthcare market. Despite concerns from industry experts, the deal appears to have little impact on the Chicago area, where Prudential is a partner
Insurance industry
The Philadelphia Stock Exchange (PHLX) is enhancing its services by adding new options trading in four major companies: Aegon NV, Software AG Systems, Inc., Entrust Technologies, Inc., and Com21, Inc. Starting on November 23, 1998, and November 25, 1998, respectively, the PHLX will offer put and call options on these
