Online sales in personal lines insurance will have cornered a market share of 5-10 percent in the U.S. and 3-5 percent in Europe by 2005; e-business will enable U.S. personal lines insurers to cut costs by up to 12 percent; …
Gary C. Wendt has been named chairman and CEO of Conseco, Inc., effective immediately. Wendt is the former chairman and CEO of GE Capital Services. Wendt left GE Capital in 1998 and served in a number of charitable positions, including …
WebCE.com, a provider of Internet-based continuing education courses, has aligned with InsuranceNewsNet.com to expand resources available to users of both sites. “Our new strategic partnership will enable WebCE to further expand its presence within the insurance community,” said Les Ward, …
Ohio Casualty Corp. is restructuring its Avomark Insurance Co. operations, which will result in cutting 114 jobs. The changes are geared to reflect the company’s new Internet-only strategy and will result in an expected $7.5 million in annual savings. Ohio …
Century Business Services (CBIZ) has agreed to sell its risk-bearing insurance operations to a consortium of financial entities for $31 million, contingent upon regulatory approval. The consortium, made up of Avalon National Corp, along with Stonehenge Partners, Inc., Colonial Banc …
BB&T Corp. has received approval from the Federal Reserve to convert from a bank holding company to a financial holding company under the Gramm-Leach-Bliley Act. To qualify as a financial holding company under the new act, a bank holding company’s …
California Insurance Commissioner Chuck Quackenbush resigned Wednesday after months of accusations that he used millions of dollars from an earthquake fund established by his office to further his political career. He was to testify today before a legislative committee on …
Trading in shares of financial services group Prudential Plc, the U.K.’s largest life insurer and pension provider, and majority owner of Egg, an on-line bank, has listed its shares on the New York Stock Exchange with an initial offering of …
Catastrophes and intense competition can effect even the largest companies. Moody’s Investors Service provided graphic proof of this on Wednesday when it announced that it had changed its rating outlook on Swiss Re and its subsidiaries, including Swiss Re America …
The ongoing battle between Wellington Plc and Australia’s QBE Insurance Group for control of Lloyd’s insurer Limit Plc has been decided in favor of the Aussies, as Limit’s directors reversed their previous recommendation in favor of Wellington, and endorsed QBE’s …
