Insurance industry
Marsh & McLennan Companies, Inc. and Sedgwick Group plc have reached an agreement on the terms of a recommended offer for Marsh & McLennan Companies to acquire the entire issued share capital of Sedgwick. The acquisition, valued at approximately $2 billion, will enhance Marsh & McLennan Companies' position as
Insurance industry
Bank of Scotland has announced plans to sever its long-standing tie with Standard Life, the mutual insurer, in order to establish its own life and pensions operation by March 1999. The move marks a significant shift in the bank's strategy, as it will no longer rely on Standard
Insurance industry
Prudential, the largest life insurance company in the U.K., has chosen Siebel Systems, Inc. to implement Siebel Sales Enterprise as its Enterprise Relationship Management system. This strategic move is aimed at enhancing customer satisfaction, sales, and profitability. The solution will provide a comprehensive end-to-end view of every customer interaction,
Insurance industry
Royal & SunAlliance, the UK's largest composite insurer, has invested nearly $5 million in four NUMA-Q 2000 servers from Sequent to migrate over one and a half million life assurance policies from IBM mainframes and existing Sequent Symmetry servers by mid-1999. This move is part of a major
Insurance industry
RAC Insurance, a leading West Australian insurer and a division of the Royal Automobile Club of Western Australia, has selected the Forte Application Environment as its strategic development platform for deploying component-based applications over its wide-area network. The contract, worth approximately A$350,000 (US$2M) to Forte Software, marks
Insurance industry
Standard Life, a leading fund manager, has issued a strong rebuke to food and drink giant Diageo's lucrative bonus scheme for directors, citing concerns over its "artificial" nature and potential impact on pensioners. The decision to vote against the scheme is rooted in Standard Life'
Insurance industry
Standard Life has put on hold new investments in UK equities, citing fears of a possible 5-10% price decline. Despite considering the domestic market strong, the Edinburgh-based financial giant is taking a cautious approach due to concerns over corporate earnings and potential devaluations in the US. The company's
Insurance industry
Warren, N.J.-based Chubb Corp., a wholly owned subsidiary of Jefferson-Pilot Corp., experienced a significant decline in second-quarter earnings, falling 12% to $154.4 million. This marked a bigger-than-expected drop, with analysts estimating 98 cents per diluted share. The company's recent results were impacted by storm damage,
Insurance industry
CNA Financial Corp., led by Chairman and CEO Dennis Chookaszian, has initiated a comprehensive review of its business units over the next year-and-a-half to enhance competitiveness. The Chicago-based insurer will lay off 1,100 workers, approximately 20% of its workforce, in its commercial insurance unit, and consolidate policy transactions and
Insurance industry
In a significant real estate deal, Parkway Properties, a real estate investment trust from Jackson, Miss., has purchased Town Point Center, a 12-story office building in downtown Norfolk, for $10.45 million. The sale, announced by Gresh Wall, vice president of investment sales at Divaris Real Estate Inc., marks a
Insurance industry
In the second quarter of 1998, several prominent companies reported significant increases in profits, while others struggled to keep up with the market's demands. Travelers Group, for instance, saw its net income rise by 29%, driven by gains in insurance and consumer finance. On the other hand, McDonald&
Insurance industry
Chase/USI, a strategic alliance between The Chase Manhattan Corp. and USI Holdings Corp., has named Darsweil L. (DL) Rogers as its chief executive officer and Richard Hatkewicz as president and chief operating officer. The insurance agency focuses on providing commercial property and casualty insurance products and employee benefits to
