Insurance industry
Riverside Group, a leading technology company, has finalized an agreement with Greenleaf Technologies Corporation to acquire 100% of the common stock of its subsidiary GameVerse, Inc. in exchange for common shares of Greenleaf Technologies. As a result of the transaction, Riverside now owns approximately 40% of Greenleaf's outstanding
Insurance industry
Major bank mergers have been taking place in the industry, resulting in significant stock price changes for shareholders. For instance, BankAmerica's merger with NationsBank led to a change in its stock price. Shareholders of the old BankAmerica now have 1.1316 shares of the new company for each
Insurance industry
McM Corporation, an insurance holding company, has announced that IAT Reinsurance Syndicate Ltd has acquired a significant stake in the company. IAT Reinsurance Syndicate, a Bermuda-based insurance and investment company, purchased 27.2% of McM's common shares through a tender offer, and an additional 14% from the McMillen
Insurance industry
Reliance Reinsurance of Philadelphia and OccuCare USA, a subsidiary of Managed Care USA, Inc., have jointly announced the introduction of an integrated workers' compensation/managed care product designed for mid-market and large employers. The product, which is currently available in 10 states, combines traditional reinsurance with primary insurance programs
Insurance industry
Standard & Poor's, a leading credit rating agency, has assigned its single-'Api' insurer financial strength rating to Grange Guardian Insurance Co., a nonstandard auto writer licensed in Tennessee, Ohio, and Illinois. The company, which commenced operations in 1996, participates in an interaffiliate pool with two
Insurance industry
The merger between Citicorp and Travelers Group is set to claim its first 8,000 victims before the deal has even closed. The combined financial services company, Citigroup, plans to shed up to 8,000 staff in the first round of cost-cutting measures before Christmas, with more cuts likely to
Insurance industry
As the global stock market continues to decline, numerous high-stakes merger deals are facing scrutiny and potential collapse. With share prices plummeting, arbitrageurs are targeting vulnerable multi-billion-dollar deals, and the first major US merger to falter has been the $7 billion acquisition of Ciena by Tellabs. Meanwhile, the $50 billion
Insurance industry
The Allianz Life Insurance Co. is likely to move from its headquarters on Hennepin Avenue S., freeing up space that could allow the adjacent Guthrie Theater to undertake its announced expansion. Jack LoSapio, Allianz vice president for human resources, stated that there is a 99-percent chance the company will move,
Insurance industry
Norwich Union, a leading insurance and investment group, has demonstrated remarkable resilience in the face of economic challenges, with pre-tax profits reaching £460 million for the 26 weeks to June 30. Despite the Easter floods costing £13 million, the company's major business of pensions and life insurance saw
Insurance industry
The demerger of BAT Industries is set to shape the future of the global tobacco and financial services industries. As of this week, investors will hold shares in two separate companies: Allied Zurich, the British holding company for Zurich Financial Services, and British American Tobacco (BAT). The new BAT will
Insurance industry
Despite its annual revenue from reinsurance of about $600 million, Australian insurer GIO revealed yesterday that it will likely face a loss of up to $42 million due to the Swissair disaster. The cost, in addition to other airline disasters this year, has sent GIO's profits plummeting from
Insurance industry
TVisions, a pioneering independent web development firm, has been chosen to create e-commerce, community, and marketing sites for six prominent companies, including Duracell, Depositors Insurance Fund, and Fidelity Investments. As a result, TVisions is poised to showcase its expertise in developing high-traffic, transactional secure sites that leverage internet technology to
