Insurance industry
Standard & Poor's today affirmed its ratings on the insurance units of Citigroup, Inc., citing extremely strong capitalization and improved earnings. The ratings reflect the companies' strong financial performance, including a consolidated risk-based capital ratio of 383% and a GAAP operating income of $496 million in 1998.
Insurance industry
A.M. Best Co. has announced that it will place the financial strength, debt, and preferred stock ratings of the Markel Group under review with negative implications, effective immediately. This decision is in response to Markel Corporation's announcement that it has entered into an agreement to acquire Terra
Insurance industry
Guardian Life Insurance Company of America has made significant progress in its acquisition of First Commonwealth Inc., with Missouri and Arizona becoming the last two states required to approve the deal. The acquisition, which was announced in May, will see Guardian acquire all outstanding shares of First Commonwealth for $25
Insurance industry
Chicago's title industry is poised to undergo a significant change as Fidelity National Financial Inc. discusses a potential merger with Chicago Title Corp. The proposed acquisition would result in a real estate giant with $3.2 billion in revenue, with $2.5 billion coming from title operations. Meanwhile,
Insurance industry
On July 26, 1999, Investor Broadcast Network (then known as Vcall) announced that several companies, including Measurement Specialties, Inc. and BioReliance Corporation, would broadcast their conference calls over the internet. This move reflected the growing trend of using technology to enhance investor communication and access. By doing so, Investor Broadcast
Insurance industry
ReliaStar Financial Corp., a Minneapolis-based holding company, has announced the acquisition of Pilgrim Capital Corp., a Phoenix-based asset management and mutual fund company, in a $258 million stock-and-cash transaction. The deal, valued at $258 million, includes ReliaStar's assumption of approximately $31 million of Pilgrim debt. The acquisition is
Insurance industry
Banc of America Securities has successfully completed a $500 million senior credit facility for USAA Capital Corporation, a wholly-owned subsidiary of the United Services Automobile Association (USAA). This transaction marks a significant partnership between the two entities, enabling USAA to access the necessary funding for general corporate purposes, including commercial
Insurance industry
MetLife, one of the largest life insurers in the US, has announced a significant acquisition, purchasing the personal lines business of Minnesota-based St Paul Companies for $600 million. This deal marks the latest in a series of strategic reorganizations within the insurance industry, where companies are streamlining or refocusing their
Insurance industry
A.M. Best Co., a leading insurance rating agency, has placed the ratings of American Heritage Life Insurance Co. and its operating affiliates under review with developing implications. This action follows the announcement of Allstate Corp.'s definitive agreement to acquire American Heritage Life Investment Corp. for approximately $1.
Insurance industry
Allendale Insurance Company is evaluating whether to pay a $400 million insurance claim filed by telecommunications giant GTE Corp. related to Year 2000 (Y2K) repairs. The claim is tied to GTE's efforts to repair or replace its computer systems to mitigate potential losses due to the Y2K bug.
Insurance industry
Insurer CGU is eyeing a potential takeover of Royal & Sun Alliance (RSA) in a deal that could be worth £10bn, with corporate financiers and analysts speculating about the companies' next move. As talks remain private, some deal makers are suggesting a creative solution: separating the insurers' life
Insurance industry
Lloyds TSB chief executive PETER Ellwood expressed confidence that the bank's $7 billion offer for Scottish Widows would not be topped by any rival bidder. Ellwood highlighted the benefits of the deal, which includes giving Scottish Widows' products access to 15 million customers, roughly one in four
