First-quarter 2000 might be the charm for Citigroup Inc., the world’s largest financial services firm. Initial reports indicate a 52 percent rise in first-quarter profits. Most of the gains are due to success in the securities business and investment income. …
Standard & Poor’s announced that it had placed French reinsurer SCOR Group “on credit watch with negative implications,” following the announcement of its plans to purchase PartnerRe Life Insurance Co. of the U.S. from its parent, Bermuda’s PartnerRe. “Before today’s …
Dutch financial and insurance giant ING Groep announced that it has completed a long-term partnership arrangement with Mexico’s Savia. As previously announced in February, ING will acquire up to a 49 percent stake in a new holding company, which controls …
The New York Department of Insurance has become the 29th state to join the Insurance Regulatory Information Network’s (IRIN) producer database. IRIN is an electronic database consisting of information relating to insurance agents and brokers, linking participating state regulatory licensing …
SAFECO Corp. expects first quarter profits to fall far short of Wall Street expectations due to a wide range of factors including inadequate premiums to costly storms in Texas. The Seattle-based company expected to post operating profits of roughly 5 …
A federal class-action lawsuit filed this week against Prudential Insurance and its healthcare subsidiaries may affect several million people across the U.S. who are participants in, or beneficiaries of, Prudential employee welfare benefit plans. The action was filed Tuesday in …
The chairman of The Council of Insurance Agents and Brokers said much work needs to be done to stop state legislatures from dragging their heels in passing insurance agent/broker licensing reforms. In testimony to the Senate Subcommittee on Securities, Robert …
The pending merger of U.K. Insurers CGU and Norwich Union was approved by the European Commission, and will accordingly proceed on schedule. The two companies hope to finalize all details for the creation of CGNU, by the middle of 2001. …
The Elmonda Group has acquired the American assistance and travel insurance group World Access Inc. The acquisition in the U.S. market strengthens the position of the combined Swiss company Elvia Travel and the French group Mondial Assistance as a world …
SB 1337 and SB 1372 did not make it past the California Senate Banking, Finance, Investment and International Trade Committee yesterday. The National Association of Independent Insurers (NAII) testified against the legislation, calling it “premature” and at conflict with the …
