Insurance industry
Duff & Phelps Credit Rating Co. (DCR) has reaffirmed its 'D-1' rating on the asset-backed commercial paper notes issued by Special Purpose Accounts Receivable Cooperative Corporation (SPARC), a bankruptcy-remote, special-purpose corporation established under Delaware law. This reaffirmation is in response to SPARC's significant $4.6 billion
Insurance industry
ICO Global Communications, a leading global mobile communications company, has insured the launch and in-orbit operations of its 12-satellite constellation at a premium of $77 million. The insurance package, brokered by J & H Marsh & McLennan, provides over $200 million in coverage for the manufacture and launch of replacement
Insurance industry
Markel Corporation has announced an all-cash tender offer for all common shares of Gryphon Holdings at a price of $18.00 per share. The offer commences today and is scheduled to expire on December 4, 1998. Markel Vice Chairman Steven Markel believes this offer is in the best interests of
Insurance industry
Interpolis, a leading insurance company in the Netherlands, has chosen BEA TUXEDO as the middleware solution for its Melinda project, a strategic initiative aimed at reducing the time needed to deliver new insurance and financial products from seven months to two days. The project, which utilizes the DYNASTY development tools,
Insurance industry
Sapient Corporation, an innovative provider of integrated management consulting and information technology solutions, has helped one of its clients, Answer Financial Inc., enable an entirely new distribution channel for evaluating and buying insurance over the Internet. The project, known as the Insurance Answer Center (IAC), is a robust Internet application
Insurance industry
Cendant Corp. and American Bankers Insurance Group Inc. announced the mutual decision to terminate their merger agreement, which would have seen Cendant acquire American Bankers. In conjunction with the termination, Cendant and American Bankers released each other from any claims related to the proposed acquisition and Cendant made a $400
Insurance industry
The fifth day in decline for local listed companies has resulted in more than $18.5 billion being shaved off their value since September 29. The downturn has been particularly severe for blue chip companies, with News Corp and AMP leading the slide. Analysts point to various factors contributing to
Insurance industry
Riverside Group, a leading technology company, has finalized an agreement with Greenleaf Technologies Corporation to acquire 100% of the common stock of its subsidiary GameVerse, Inc. in exchange for common shares of Greenleaf Technologies. As a result of the transaction, Riverside now owns approximately 40% of Greenleaf's outstanding
Insurance industry
Major bank mergers have been taking place in the industry, resulting in significant stock price changes for shareholders. For instance, BankAmerica's merger with NationsBank led to a change in its stock price. Shareholders of the old BankAmerica now have 1.1316 shares of the new company for each
Insurance industry
McM Corporation, an insurance holding company, has announced that IAT Reinsurance Syndicate Ltd has acquired a significant stake in the company. IAT Reinsurance Syndicate, a Bermuda-based insurance and investment company, purchased 27.2% of McM's common shares through a tender offer, and an additional 14% from the McMillen
Insurance industry
Reliance Reinsurance of Philadelphia and OccuCare USA, a subsidiary of Managed Care USA, Inc., have jointly announced the introduction of an integrated workers' compensation/managed care product designed for mid-market and large employers. The product, which is currently available in 10 states, combines traditional reinsurance with primary insurance programs
Insurance industry
Standard & Poor's, a leading credit rating agency, has assigned its single-'Api' insurer financial strength rating to Grange Guardian Insurance Co., a nonstandard auto writer licensed in Tennessee, Ohio, and Illinois. The company, which commenced operations in 1996, participates in an interaffiliate pool with two
