Insurance industry
In a move aimed at strengthening its position in the Portuguese banking sector, Banco Comercial Portugues (BCP) has successfully completed a joint tender offer with Seguros Imperio for Banco Portugues do Atlantico (BPA). The acquisition, which was announced on March 24, 1995, has resulted in BCP acquiring 50.0001% of
Insurance industry
Penn Treaty American Corporation, a leading provider of individual fixed, defined benefit, accident and health insurance products, has announced its operating results for the fourth quarter and full year 1994. The company reported net income of $1,726,577 for the quarter, a 10.4% increase from the same period
Insurance industry
Massachusetts Mutual Life Insurance Company and David L. Babson & Company, a leading investment counsel firm, have been engaged in merger discussions. The negotiations contemplate the acquisition of Babson by MassMutual and the combination of Babson's operations with MassMutual's investment management subsidiary, Concert Capital Management, Inc.
Insurance industry
Michigan's insurance regulator who presided over the demise of Confederation Life Insurance Co.'s U.S. operations will be paid upwards of $250 an hour to help oversee the troubled firm's remains in his new private-sector role as a special deputy rehabilitator. The controversial regulator,
Insurance industry
Royal Insurance, a leading provider of insurance services, is taking a major step in the fight against insurance fraud by spinning off its special investigations unit into a separate company. Investigative Resources Global, Inc. (IRG) will offer anti-fraud services to the rest of the industry, targeting smaller insurance companies that
Insurance industry
The joint announcement by State Farm insurance companies and The Greenlining Institute has laid the foundation for increased property insurance availability for low and moderate income families in East and Central Los Angeles. As part of the partnership, State Farm will unveil an urban marketing program that could double its
Insurance industry
As senior citizens in the United States control half of the discretionary income and three-quarters of the financial assets, they have become a lucrative target for insurance scams. According to estimates, 30% of all financial scam victims are over 50, making self-protection a top priority. Two new books from Merritt
Insurance industry
Softlab Inc., a leader in application maintenance solutions, has announced a contract with The Principal Financial Group, one of the largest insurance companies in the U.S., for a company-wide implementation of Maestro II. The Principal will begin with an initial installation of 80 workstations in its Information Systems (IS)
Insurance industry
Mutual Assurance, Inc. has signed an agreement to purchase Physicians Insurance Company of Indiana's stock, marking a significant development in the healthcare insurance market. The acquisition, backed by PICI's Board of Directors, aims to create a larger entity with the capital and geographic scope to meet
Insurance industry
Travelers Insurance and its Massachusetts subsidiary have partnered to overhaul Missouri's workers' compensation Assigned Risk Pool system. The partnership, chosen through a competitive bid process, will see Travelers absorb all potential losses in the pool, covering approximately 32,000 companies and a total premium of over $200
Insurance industry
Foremost Insurance Group, a leading insurer of manufactured homes and recreational vehicles, has selected MCI as its telecommunications service provider after a rigorous evaluation process. The five-year agreement, valued at $12 million, will provide Foremost with access to MCI's value-added services, including Insurance Value Added Network Services (IVANS)
Insurance industry
S&P lowers its claims-paying ability rating of Franklin Life Insurance Co. to double-`A' from double-`A'-plus after the company withdraws about $500 million of capital to partially finance the acquisition by American General Corp. Franklin Life's strong competitive position, good capital position,
