Insurance industry
Federal Kemper Life Assurance Company and CyberTek Corporation, a subsidiary of Policy Management Systems Corporation (PMSC), have entered into an agreement to become a beta site for conducting secure business transactions over the Internet using CyberTek's Virtual Insurance Link products. This partnership will enable Kemper to communicate with
Insurance industry
Wickes Lumber Company and Riverside Group, Inc. are exploring a plan to combine their operations. Under the proposal, Riverside's remaining businesses would be sold, and the company would focus on its investment in Wickes. The plan aims to strengthen Wickes' capital and liquidity, enabling the company to
Insurance industry
A groundbreaking partnership between ViatiCare Financial Services, L.L.C., and Cargill Financial Services Corp. will grant ViatiCare a minimum funding capacity of $600 million over five years, revolutionizing the way terminally ill Americans access financial services. This collaboration has the potential to significantly improve the quality of life for
Bank holding companies
Houston-based Western National Life Insurance Company has announced an agreement with TCF, one of the nation's leading annuity providers, to develop a private-label fixed annuity. This partnership will expand Western National Life's product distribution by 141 branches, leveraging TCF's extensive retail financial services network.
Commercial banks
CIGNA Worldwide Insurance Company and Philippine Commercial International Bank (PCIBank) have finalized a joint venture agreement to sell life insurance products and related services in the Philippines. The new joint venture, PCIB CIGNA Life Insurance Corporation, will operate in Manila and offer superior coverages to protect the financial security of
Bank holding companies
A partnership has been formed to refund the Broward County Housing Finance Authority (Florida) Guaranteed Multifamily Housing Revenue Bonds, Series 1985, related to the Los Prados and Banyan Bay projects. The deal involves agreements with Barnett Bank Trust Company, N.A., as trustee, and MBL Life Assurance Corporation, among others.
Commercial banks
Bailey Capital Corporation has formed a partnership with a major financial company to purchase and refund $34 million in Texas Housing Agency Multi-Family Housing Revenue Bonds, provided that certain conditions are met. The bonds in question are guaranteed by Mutual Benefit Life Insurance Company, which is currently in rehabilitation. The
Insurance industry
Allmerica Financial Corporation, a Worcester, Mass.-based life insurance holding company, has successfully launched its initial public offering (IPO) with 11 million shares of common stock trading on the New York Stock Exchange under the symbol "AFC." The IPO price is set at $21.00 per share, with
Insurance industry
ITT Hartford Insurance Group, a leading insurer, has announced that it will continue to insure Florida, Alabama, and Georgia residents devastated by Hurricane Opal, even if they are temporarily unable to make their insurance payments. According to Stephen Hasenmiller, senior vice president and director of personal lines, the company wants
Insurance industry
The Great-West Life Assurance Company has announced an agreement with four leading financial institutions to provide investment management for 16 new segregated funds. This expansion will bring the total number of segregated funds offered by Great-West Life to 29, solidifying its position as the leading provider of segregated funds in
Insurance industry
MetLife, in collaboration with its long-time advertising agency Young & Rubicam New York, has unveiled a major national advertising campaign aimed at helping consumers navigate the complexities of financial decision-making. The new campaign, which debuts on September 26, marks the first time Snoopy from the beloved PEANUTS characters has starred
Insurance industry
Pittsburgh-based Mellon Mortgage Company, a subsidiary of Mellon Bank Corporation, has completed its acquisition of Metmor Financial, Inc., a residential and commercial mortgage banking subsidiary of Metropolitan Life Insurance Company. The acquisition adds 24 residential branch mortgage origination offices in the southwestern and midwestern United States, eight commercial origination offices
