Millea Holdings Inc., Japan’s largest general insurer, announced plans to acquire the Japanese life business of Sweden’s Skandia Insurance Co. for 20 billion yen ($186 million) in early 2004. “By acquiring Skandia’s know-how and infrastructure, we’ll be able to make …
A.M. Best Co. announced that it has assigned a financial strength rating of “A-” (Excellent) to Dublin-based New Technology Insurance (NTI), with a stable outlook. “The rating reflects NTI’s excellent current and prospective capitalisation and operating performance,” said Best. “Offsetting …
The fallout from the collapse of Parmalat, the Italian dairy and food-processing group, is spreading ever wider. With commentators and analysts now calling it “Europe’s Enron,” it will undoubtedly affect U.S. investors, including a number of insurance companies. According to …
GEICO and New York Governor George Pataki’s office announced that the auto insurer has selected Buffalo as the site of its second major operations center in New York. GEICO plans to develop a 250,000-square-foot facility in the CrossPoint Business Park …
Halliburton Company’s plan to send several of its subsidiaries into bankruptcy as part of a $4.17 billion settlement of all current and future asbestos claims won’t happen if a lawsuit by more than 20 insurance companies is successful. Halliburton filed …
The Texas Workers’ Compensation Commission announced it has determined, pursuant to the authority and direction given under the Texas Workers’ Compensation Act (Texas Labor Code, Section 401.023), that any interest or discount provided for in the Act shall be at …
Peoria, Ill.-based RLI Corp. reported that it expects minimal losses from the Dec. 22 earthquake along the central California coast. RLI specializes in the writing of earthquake coverages, but has limited commercial property exposure in the immediate vicinity of the …
The St. Paul Companies and Travelers Property Casualty Corp. announced that the Federal Trade Commission has granted early termination of the waiting period required by the Hart-Scott-Rodino Antitrust Improvements Act in connection with the proposed merger between Travelers and The …
Bermuda-based AGC Holdings Limited, a wholly owned subsidiary of ACE Limited, announced it has filed a registration statement on Form S-1 with the Securities and Exchange Commission for an initial public offering. As previously announced, ACE expects to offer approximately …
American Physicians Capital Inc., headquartered in East Lansing, Mich., announced that its board of directors has appointed R. Kevin Clinton as president and CEO, effective Jan. 1, 2004. Clinton is currently president and CEO of American Physicians Assurance Corporation, APCapital’s …
