Insurance industry
Western National Corporation has announced that agreements have been entered into providing for the sale of Conseco's 40% interest in Western National to American General Corporation. This transaction, valued at $274 million, is subject to regulatory approvals and is expected to be consummated by year end. The sale
Insurance industry
Computer Sciences Corp. (CSC) and The Mutual Life Insurance Company of New York (MONY) have officially signed a seven-year outsourcing contract, marking a significant milestone in the scope of information technology services outsourcing in the insurance industry. Under the agreement, CSC will manage and enhance MONY's information services
Insurance industry
Sears, Roebuck and Co. has taken significant steps to enhance shareholder value by announcing a spin-off of its 80.1 percent ownership of The Allstate Corporation in a special tax-free dividend to Sears common shareholders. This move, along with the potential divestiture of its Homart Development Co. unit, is expected
Insurance industry
Home Holdings Inc., parent company of Home Insurance, has expressed strong disagreement with the recent downgrading of its senior debt rating by Standard & Poor's from "BBB-" to "BB-". In response to the negative ratings from Standard & Poor's, A.M. Best
Insurance industry
Ameriana Bancorp, a leading financial institution, has announced a significant settlement with Aetna Casualty and Surety Company. The settlement, valued at $3.1 million, relates to a June 1993 judgment in the Superior Court of Orange County, California, in favor of Ameriana. The Company expects the settlement to positively impact
Insurance industry
The life insurance market has become increasingly competitive, with new entrants such as the RACV's financial services arm and NRMA Insurance offering cheaper life insurance options. Consumers who take the time to review their life insurance needs can benefit from lower rates and additional features. Knowing how much
Personal finance
More than 2 million employees who took out personal pensions in place of company schemes since 1988 may be left without adequate compensation, according to pension specialists. The Securities and Investments Board's order for insurance companies to review high-priority cases could total up to £2 billion, but it
Personal finance
Privilege Insurance, a new direct insurance company launched by PETER WOOD, founder of Direct Line, is set to provide competitive quotes for Britain's 6 million non-standard-risk drivers. This includes those in unusual occupations and with fast, expensive cars. Privilege will be the first direct insurer to target this
Insurance industry
A national inquiry into the motor vehicle insurance industry has uncovered widespread corruption and malpractice, with major insurers including AAMI and the NRMA making damning submissions detailing secret commissions, inflated quotes, and other illicit activities. The inquiry has attracted little attention, yet the revelations are likely to lead to significant
Insurance industry
A New Jersey doctor, Allen Glushakow, and his wife, Shelley, have filed a class action suit against Confederation Life Insurance Co., alleging that the company misrepresented its financial health. The suit was originally filed in state court in New Jersey in June, but after regulators seized the company in August,
Banks (Finance)
Manulife, Canada's largest life insurer, is ending its retail banking experiment after less than two years, opting instead to focus on providing banking services to support its insurance business. The company plans to close 80% of its retail branches and open four regional banking centers to enhance its
Personal finance
Living in a big, expensively furnished house can be more trouble than it's worth, especially with burglary on the rise in rural areas. Thieves often target high-value properties, and insurance companies are starting to cater to the needs of those with large houses and valuable contents. However, many
