Since Aetna announced at the beginning of the week it will cut about 5,000 jobs, and take $565 million in fourth-quarter charges, the company’s shares rose 12 percent. On Jan. 1, Aetna will drop an estimated 340,000 members from its …
AXA received court approval for its plan to distribute the bulk of nearly £1.7 billion ($2.5 billion) in “Orphan Assets” from surplus profits and unclaimed life benefits to shareholders rather than policy holders. According to a BBC report Mr. Justice …
Lloyd’s made what it described as a “final offer” to discount outstanding liabilities by as much as 70 percent to the remaining “Names” who have not voluntarily agreed to its reconstruction and Renewal Plan. Following Judge Peter Cresswell’s recent favorable …
American International Group has formed a strategic alliance with Pingan Insurance Company of China, that provides for each company to use the other’s sales and service network. AIG will use Pingan’s facilities to provide services for its commercial clients inside …
American Guarantee, a Zurich affiliate, does not have to cover $138 million of the money Xerox Corp. poured into Y2K preventative upgrades, a New York State trial court ruled on Dec. 20. New York Supreme Court Justice Charles E. Ramos …
The California Supreme Court ruled on Dec. 18 that public defenders can face malpractice lawsuits, much the same as private defense lawyers. Public defenders, who represent the poor, do not have the same immunity to lawsuits as do prosecutors, judges …
Another lawsuit was filed yesterday in Los Angeles County Superior Court against SB 1899. Authored by Senate President Pro Tem John Burton (D-San Francisco), and signed into law by Governor Davis, SB 1899 allows certain Northridge quake victims to take …
Allstate Insurance Co. filed suit in Cook County Circuit Court Wednesday, seeking $14.5 million in damages stemming from alleged insurance fraud. The suit claims that Chicago area medical providers bilked the company out of more than $4.5 million in false …
New York Life Insurance Company announced today that George Nichols, III, the former Kentucky insurance commissioner and immediate past president of the National Association of Insurance Commissioners, will join the company as senior vice president and assistant to the chairman, …
Chubb Executive Risk has become a national sponsor of the Women Presidents’ Organization, a national non-profit peer advisory group founded in 1996 for successful women entrepreneurs whose companies have annual sales of at least $1 million. With approximately 350 members …
