Insurance industry
A.M. Best Co., a leading insurance rating and information source, has taken note of the announcement by the ING Group regarding its definitive agreement to acquire ReliaStar Life's parent company, ReliaStar Financial Corp., for $5.1 billion in cash. The acquisition is expected to close in the
Insurance industry
Cumulus Media, the third-largest owner of radio stations in the US, saw its shares and bonds plummet last week after its auditor resigned, citing "material weaknesses" in the company's financial controls. Allied Waste's spread on its subordinated notes widened out to 1,000 basis
Insurance industry
The Zurich American Insurance Company, primary insurer for Microsoft, has filed a lawsuit in federal court in Washington to avoid covering the company's mounting legal bills associated with antitrust and class action cases. Microsoft's policy is designed to cover bodily injury, property damage, and personal injury,
Insurance industry
Conseco's attempts to reassure analysts and investors about its financial situation have been met with skepticism as the company's stock continues to plummet. Following the announcement of the sale of its financial division and a restatement of last year's earnings, Conseco released two press
Insurance industry
The Australian financial group is preparing to enter the UK market aggressively, with Abbey National emerging as its first potential takeover target. National Australia Bank is seeking a separate stock market listing for its European operations, which include Clydesdale Bank, on the London stock exchange. This dual listing will provide
Insurance industry
AAA is set to launch its own wireless driver aid service, dubbed Response Services Center, which will offer services such as route guidance, vehicle tracking, and emergency alerting. This move marks the first attempt by a non-automaker to offer such services independently in the United States. AAA's service
Insurance industry
Seoul and Tokyo witnessed significant developments in the insurance sector. SK Group emerged as the priority buyer for Handuk Life Insurance, while the Korean government proposed abolishing auto reinsurance. In India, IFFCO plans to diversify into general insurance and IT, allocating US$22.94 million for the business. Meanwhile, National
Insurance industry
Dresdner Bank's board, citing "breach of trust" by Deutsche Bank, announced the collapse of a planned 29bn euro merger, sparking speculation that Dresdner could be carved up between Allianz and Citigroup. The deal's collapse has raised questions about the future of Rolf Breuer, Deutsche
Insurance industry
James Dimon, a long-time lieutenant of Citigroup Co-Chairman Sanford Weill, has been appointed chairman of the board and chief executive officer of Bank One Corp. This move comes over a year after Dimon left his position as president and co-chief executive officer of Salomon Smith Barney. Dimon's extensive
Insurance industry
CareInsite, a subsidiary of Medical Manager Corporation, has completed the acquisition of substantially all of the assets of Provider Technology Group (PTG), the e-commerce network of Blue Cross Blue Shield of Massachusetts (BCBSMA). This acquisition enables CareInsite to leverage PTG's network, linking over 12,000 physicians with BCBSMA
Insurance industry
The insurance industry has been hesitant to fully adopt the Internet for selling their products, citing concerns over "channel conflict" and the need for real-time interaction with customers. However, technology companies are working to build systems that allow for instant quotes and simplify the process of buying insurance
Insurance industry
Asian insurance firms are experiencing significant growth, with major players posting substantial increases in profits. EON CMG Asia, a joint venture between Colonial Ltd and EON CMG Life, has seen a 136% rise in profits to $A33 million ($US20.09 million) in 1999, attributing the success to strong new business
