Insurance
The stock market experienced a significant decline on Tuesday, with the Dow Jones industrial average falling by 76.73 points, or 0.9 percent. This downturn was largely attributed to Motorola's reduction in estimate for semiconductor sales growth and the merger announcement of Citicorp and Travelers Group Inc.
Insurance
In a groundbreaking deal worth $140 billion, Citicorp and Travelers Group announced a merger that surpasses all previous records, creating a new entity called Citigroup. The combined company will have assets of $700 billion, net revenues of almost $50 billion, an operating income of about $7.5 billion, and equity
Financial services
Enhance Financial Services Group Inc. has announced a regular dividend of $0.11 per share for holders of record as of March 23, 1998, with a payment date set for March 27, 1998. The company has also filed a shelf registration statement with the Securities and Exchange Commission for up
Financial services
General Acceptance Corp., a specialized consumer finance company, has entered into a series of transactions with Conseco Inc. that will significantly alter the company's ownership structure. Under the agreements, Conseco will acquire approximately 3.8 million shares of General Acceptance's common stock from the Algood family
Insurance industry
Norwich Union, one of the UK's largest insurance companies, has reported a significant increase in profits for the year to December 31, despite facing intense competition in the UK non-life insurance market. The group's net income from motor and property insurance dipped, but this was more
Insurance industry
Tony O'Reilly's publishing company, Newspaper Publishing, is expected to be acquired by Mirror Group for approximately £30 million, with Mirror Group owning 46% of the company. This news follows full-year results from Mirror Group this morning, which are expected to show a 9% rise in profits
Insurance industry
The merger between General Accident and Commercial Union, the $15 billion tie-up, has set a precedent in the insurance industry by avoiding power struggles and egos often associated with high-profile deals. The deal sees Commercial Union shareholders retaining 53.6% of the new CGU, while General Accident shareholders hold 46.
Insurance industry
Cendant Corporation has extended its cash tender offer to purchase approximately 23.5 million common shares of American Bankers Insurance Group Inc. at a price of $58 per share. The offer, which commenced on January 28, 1998, and was scheduled to expire on February 25, 1998, has been extended to
Insurance industry
A diverse range of news emerged from California on Tuesday, with the introduction of a new online game by the California Lottery, a lawsuit filed by State Farm against Ford Motor Co., and the foiling of an abduction attempt. Key Takeaways: * The California Lottery introduced a new online game, Daily
Insurance industry
Norwich Union, a 200-year-old mutual insurer, embarked on a significant transformation when it floated on the stock market in June. The company has a strong brand name, a diverse business portfolio, and a history of growth. However, it also faces intense competition in the insurance market, particularly in the UK,
Insurance industry
The creation of Britain's first network of Bancassurers, led by Nationwide Life, aims to cut the cost of life assurance, pensions, and investments. However, an analysis by the Personal Investment Authority indicates that these new players have not managed to undercut existing competitors in the industry. The big
Insurance industry
Sunstates Corporation, a diversified conglomerate engaged in specialized automobile insurance underwriting, furniture and textile manufacturing, and real estate development, has announced the sale of its controlling interest in Wellco Enterprises Inc. and its Chaircraft manufacturing operation. The Company will receive $5,460,205 in cash, 400,000 shares of Alba-Waldensian,
