Insurance industry
The merger between Citicorp and Travelers Group is set to claim its first 8,000 victims before the deal has even closed. The combined financial services company, Citigroup, plans to shed up to 8,000 staff in the first round of cost-cutting measures before Christmas, with more cuts likely to
Insurance industry
As the global stock market continues to decline, numerous high-stakes merger deals are facing scrutiny and potential collapse. With share prices plummeting, arbitrageurs are targeting vulnerable multi-billion-dollar deals, and the first major US merger to falter has been the $7 billion acquisition of Ciena by Tellabs. Meanwhile, the $50 billion
Insurance industry
The Allianz Life Insurance Co. is likely to move from its headquarters on Hennepin Avenue S., freeing up space that could allow the adjacent Guthrie Theater to undertake its announced expansion. Jack LoSapio, Allianz vice president for human resources, stated that there is a 99-percent chance the company will move,
Insurance industry
Norwich Union, a leading insurance and investment group, has demonstrated remarkable resilience in the face of economic challenges, with pre-tax profits reaching £460 million for the 26 weeks to June 30. Despite the Easter floods costing £13 million, the company's major business of pensions and life insurance saw
Insurance industry
The demerger of BAT Industries is set to shape the future of the global tobacco and financial services industries. As of this week, investors will hold shares in two separate companies: Allied Zurich, the British holding company for Zurich Financial Services, and British American Tobacco (BAT). The new BAT will
Insurance industry
Despite its annual revenue from reinsurance of about $600 million, Australian insurer GIO revealed yesterday that it will likely face a loss of up to $42 million due to the Swissair disaster. The cost, in addition to other airline disasters this year, has sent GIO's profits plummeting from
Insurance industry
TVisions, a pioneering independent web development firm, has been chosen to create e-commerce, community, and marketing sites for six prominent companies, including Duracell, Depositors Insurance Fund, and Fidelity Investments. As a result, TVisions is poised to showcase its expertise in developing high-traffic, transactional secure sites that leverage internet technology to
Insurance industry
Marsh & McLennan Companies, Inc. and Sedgwick Group plc have reached an agreement on the terms of a recommended offer for Marsh & McLennan Companies to acquire the entire issued share capital of Sedgwick. The acquisition, valued at approximately $2 billion, will enhance Marsh & McLennan Companies' position as
Insurance
Global insurance giant American International Group Inc. (AIG) has made a significant move in the retirement planning market by acquiring SunAmerica Inc. in an $18 billion stock swap. The deal will give AIG a strong presence in the retirement planning market and new services to sell to its overseas customers.
Insurance
American International Group, Inc. (AIG) has entered into a definitive agreement to acquire 100 percent of the outstanding common stock of SunAmerica Inc. for approximately $18 billion. The proposed transaction will be treated as a pooling of interests for accounting purposes and will be a tax-free reorganization. SunAmerica will continue
Insurance industry
Royal & SunAlliance, the UK's largest composite insurer, has invested nearly $5 million in four NUMA-Q 2000 servers from Sequent to migrate over one and a half million life assurance policies from IBM mainframes and existing Sequent Symmetry servers by mid-1999. This move is part of a major
Insurance industry
RAC Insurance, a leading West Australian insurer and a division of the Royal Automobile Club of Western Australia, has selected the Forte Application Environment as its strategic development platform for deploying component-based applications over its wide-area network. The contract, worth approximately A$350,000 (US$2M) to Forte Software, marks
