Insurance industry
The Bank of New York has been chosen by SunLife of Canada, Canada's largest insurer, as the global custodian for their $100 million portfolio. The selection was made after a thorough review of the bank's services, with references and recent results of global custody surveys being
Insurance industry
American International Group, Inc. (AIG) has issued a statement in response to questions about the impact of the Japanese earthquake on its business. The statement addresses concerns about the lack of earthquake coverage in the Japanese insurance market and highlights AIG's efforts to provide rapid and effective response
Insurance industry
James C. Epolito, a veteran healthcare administrator, has been appointed president and CEO of the Accident Fund Company, a privatized workers' compensation insurance provider. As of January 3, Epolito will oversee the company's services to agents and businesses, aiming to maintain and improve its position in the
Insurance industry
The Allstate Corporation, a leading property and casualty insurer, has undergone a leadership transition with Jerry D. Choate assuming the additional role of chairman of the board, replacing Wayne E. Hedien, who announced his retirement in August 1994. Choate continues as chief executive officer, while Edward M. Liddy, previously executive
Insurance industry
General Re Corporation has completed its investment in a new joint venture company, General Re-CKAG Reinsurance and Investment S.A.R.L., with Colonia Konzern AG (CKAG). The joint venture, GR-CK, will hold a significant stake in Cologne Re, a leading European reinsurer. According to Ronald E. Ferguson, chairman and
Insurance industry
Martin Fessey, a veteran of the insurance industry, has been appointed manager of UK operations for Arkwright International Limited, a Managing General Agent of FM Insurance Company Limited (FMI). Based in London, England, Fessey is responsible for developing business in the UK and servicing Arkwright's international customers. With
Insurance industry
John Alden Financial Corp. (NYSE:JA) has announced the promotions of two senior executives: Joe Radigan as senior vice president of the Group Division and Bill Mauk as senior vice president of the John Alden Healthcare Management Division. Radigan, who has been with the company since 1990, will assume management
Insurance industry
Provident Life and Accident Insurance Company of America has announced a broad strategic alliance with Healthsource Inc., under which Healthsource will acquire Provident's group medical business for $310 million in cash and Healthsource stock. This alliance aims to provide a superior range and quality of cost-saving managed medical
Insurance industry
20th Century Industries, a leading provider of insurance services, has announced a significant update on its earthquake claims and expenses related to the January 17 Northridge earthquake. The company now expects earthquake claims to total $900 million, up from its previous estimate of $815 million. This increase is due to
Insurance industry
London Life Insurance, a leading provider of individual life insurance in Canada, has chosen Sybase software as its corporate standard, replacing its existing Rdb database. Sybase's System 10 will serve as the enterprise-level backbone for London Life's legacy systems and client/server infrastructure, supporting 7,000
Insurance industry
Sears, Roebuck and Co. has taken significant steps to enhance shareholder value by announcing a spin-off of its 80.1 percent ownership of The Allstate Corporation in a special tax-free dividend to Sears common shareholders. This move, along with the potential divestiture of its Homart Development Co. unit, is expected
Insurance industry
Home Holdings Inc., parent company of Home Insurance, has expressed strong disagreement with the recent downgrading of its senior debt rating by Standard & Poor's from "BBB-" to "BB-". In response to the negative ratings from Standard & Poor's, A.M. Best
