Insurance industry
Cendant Corporation, a leading global provider of consumer and business services, has been cleared of any wrongdoing in a securities class action lawsuit filed in the United States District Court for New Jersey in Newark. The court's decision to dismiss the lawsuit marks a significant victory for the
Insurance industry
A 49-year-old Darnell Moore has been selected as the executive vice president of administration at American Family Insurance, pending approval by the company's board. If approved, Moore would take over from Jim Klokner, who has been with the company for 36 years. Moore has been with American Family
Insurance industry
BB&T Insurance Services, a subsidiary of BB&T Corporation, has announced its plan to acquire Givens & Williams Inc., an independent insurance agency in Fairfax, Va. The acquisition will give BB&T Insurance Services entry into the metropolitan Washington, D.C. market, expanding its presence in
Insurance industry
WellPoint Health Networks is finalizing a revised offer to acquire Blue Cross Blue Shield of Colorado, potentially increasing the value of the deal to $240 million. This revised offer is significantly higher than their initial bid and would see the creation of a charitable foundation with proceeds of at least
Insurance industry
Colorado Insurance Commissioner William Kirven recently approved a $50 million loan to Blue Cross Blue Shield of Colorado from Indianapolis-based Anthem Inc. The loan is part of a deal that would allow Anthem to buy Blue Cross for $155 million in cash and $10 million in administrative services. Critics, however,
Insurance industry
Citigroup, the world's largest financial services firm, is planning a significant shift in its sales strategy by training and licensing up to 3,000 of its branch employees in financial analysis and sales. The move, aimed at cross-selling products offered by its merger partner, Travelers Group, marks a
Insurance industry
Fortis, a Belgian-Dutch financial services giant, has agreed to purchase American Bankers Insurance Group, one of the top U.S. credit insurers, for $2.6 billion in cash. This acquisition is part of Fortis' strategy to develop niches in specialty businesses in the United States. The combined entity will
Insurance industry
Dutch insurer Aegon NV reported a 25% increase in net income for 1998, driven by growth in core life insurance and pension activities in the Americas, the Netherlands, and the UK. The company's net income rose to 2.75 billion guilders, up from 2.21 billion guilders in
Insurance industry
The St. Paul Companies, a $38 billion asset insurance holding company, has partnered with Mellon Global Cash Management to provide its comprehensive accounts receivable solution. The solution will combine paper and electronic collections tailored to meet The St. Paul's specific collection needs. This partnership will utilize Mellon'
Insurance industry
Australian-based insurance and funds management group AMP is on track to complete its £1.3bn acquisition of UK insurer National Provident Institution within the third quarter of 1999. This takeover, launched in late 1998, will make AMP the UK's fifth-largest insurer in terms of assets. AMP's
Insurance industry
Cleveland's Gliatech Incorporated has welcomed John Redmond as its new vice president and general manager of medical devices. He joins from the NeuroCare Group in Wisconsin, where he was vice president of marketing and business development. Gliatech focuses on developing proprietary resorbable medical devices that reduce surgical scarring
Insurance industry
Aegon N.V., the parent company of Aegon USA Inc., has announced an agreement to acquire San Francisco-based insurance giant Transamerica Corp. in a massive cash and stock deal valued at $9.7 billion. This move marks the second-largest acquisition in the US life insurance industry to date. The corporate
