The owners of a San Jose, Calif. insurance agency who duped customers of more than $10 million pleaded guilty Monday to multiple felony charges in an effort to reduce their prison sentences. Kimberly Morgan, 36, agreed to serve 16 months, …
Aetna Inc. plans to cut 5,000 jobs, or 13 percent of its work force, and take an estimated $565 million in charges in the fourth quarterin an effort to cut costs and boost profits. The move is Aetna’s first step …
Affiliates of High River LP plan to buy about $61 million of bonds issued by Reliance Group Holdings. The affiliates are making a tender offer in order to block any debt restructuring plan it considers unacceptable should Reliance, which is …
More than 52 percent of 1,078 respondents to a Zogby poll indicated agreement when asked, “Do you agree or disagree that it is necessary to purchase general travel or trip cancellation insurance when you make your travel arrangements?” Forty-six percent …
A.M. Best Co. has downgraded the financial strength rating of Amwest Insurance Group, Calabasas, California, to C- (Weak) from B (Fair). This rating action applies to Amwest Surety Insurance Company and its subsidiary, Far West Insurance Company. The rating action …
iwix.net, an Internet specialty insurance marketplace, announced that F.L. Dean & Associates Inc. and Gulf Coast Marine have joined the iwix.net marketplace. These MGAs will add 16 new coverages to the iwix.net exchange. F.L. Dean, an MGA located in Wheaton, …
Credit rating agency Standard & Poor’s affirmed the double ‘A’ ratings of Zurich Re (Koln), a reinsurance division of Zurich Financial Services, but changed the outlook from stable to negative. The report recognizes ZRK’s “strategic importance to the Zurich Financial …
France’s AXA Group defended its decision in a London court on Monday to payout only a portion of its subsidiary Sun Life & Provincial Holdings’ “orphan assets” to policy holders. AXA’s plan, announced last June, to distribute approximately £1.7 billion …
The world’s two largest reinsurers, Munich Re and Swiss Re, whose combined premiums total over $25 billion, have teamed up with Internet Capital Group, a leading B2B provider, and Andersen Consulting to launch “inreon,” an on-line platform for standard reinsurance …
Massachusetts Insurance Commissioner Linda Ruthardt sided with consumer advocates and called for a 8.3 percent overall decrease in personal auto rates for 2001. Following the decision, representatives from the auto insurance industry, which had suggested a .7 percent increase in …
