Insurance industry
The Prudential Insurance Company of America is committed to providing affordable housing in inner-city neighborhoods, particularly in Newark, New Jersey, and 14 other urban areas across the nation. Through its Social Investment Program, Prudential has agreed to purchase up to $5 million in 15-year bonds issued by the Local Initiatives
Insurance industry
Benton Oil and Gas Co., an independent oil and gas exploration and production company, has issued $20 million in 13% senior unsecured notes to John Hancock Mutual Life Insurance Co. The notes bear interest at a rate of 13% and are due on June 30, 2007. This is the second
Insurance industry
The Mutual Life Insurance Company of New York (MONY) has completed the transfer of its real estate asset management department to its wholly owned real estate services company, ARES Holdings, Inc. This move unites MONY's real estate asset management, debt management, and property management functions under one corporate
Insurance industry
Sears, Roebuck and Co. has spun off its 80.3 percent interest in The Allstate Corporation through a special tax-free dividend, marking a significant shift in the companies' long-standing partnership. As Sears shareholders receive approximately 0.93 shares of Allstate for every share of Sears common they own, the
Insurance industry
London market insurers, including Lloyd's of London, have secured a major legal victory against the Lockheed Corporation in a California court. The court ruled in favor of the insurers, denying Lockheed's motion for a $475 million security bond under the California Insurance Code. The insurers, represented
Insurance industry
Sears, Roebuck and Co. underwent a major transformation in the early 1990s, executing a series of repositioning programs that resulted in significant value creation for its shareholders. The strategies, which included the spin-off of several major businesses, led to a remarkable increase in Sears' common stock value and market
Insurance industry
Floathe Johnson, a leading advertising and public relations agency, has been chosen to provide advertising services for Blue Cross of Washington and Alaska, a major health care services provider in the Pacific Northwest. The agency will focus on creating a strong corporate identity for Blue Cross, highlighting its leadership and
Insurance industry
Horizon Outlet Centers, Inc., a leading owner, operator, and developer of factory outlet centers, has received two loan commitments totaling $46 million from John Hancock Mutual Life Insurance Company. The funding will be used to pay down the company's line of credit and provide working capital, with the
Insurance industry
ARM Financial Group, Inc. announced the completion of the acquisition of substantially all the assets of SBM Company, including its principal subsidiary, State Bond and Mortgage Life Insurance Company of Minneapolis, Minnesota. The acquisition has increased ARM's policyholder reserves and funds under management to $4.5 billion, with
Insurance industry
The Morgan Group, Inc. has announced a series of leadership changes and expansion plans, marking a significant shift in the company's strategy. Paul D. Borghesani, a long-time affiliate of the company, has been named Chairman and Chief Executive Officer of Morgan Drive Away, Inc. (MDA), effective immediately. Borghesani
Insurance industry
Hospitality Franchise Systems, Inc. (NYSE: HFS), a leading hotel franchising company, and Metropolitan Life Insurance Co. have reached an agreement for the purchase of Century 21 Real Estate Corporation. This acquisition expands HFS' franchising and brand management expertise into the residential real estate brokerage industry, serving the $600 billion
Insurance industry
Industry speakers at a recent conference in New York, co-sponsored by Towers Perrin, Tillinghast, American Banker newspaper and A.M. Best Co., highlighted the growing trend of banks and insurance companies forming mutually beneficial alliances. As competition intensifies among banks and non-banks, selling insurance products through banks has emerged as
