Citigroup has completed its cash offer to purchase all outstanding shares of Class A common stock of Travelers Property Casualty Corp. at a price of $41.95 per share. Citigroup reported that a total of more than 52 million shares were …
A racial discrimination lawsuit filed by a Richmond fair-housing group against Nationwide Mutual Insurance Co. has been settled out of court. Terms were not disclosed. The lawsuit, filed last year in Virginia, alleged that Nationwide’s marketing efforts in and around …
Global Risk Exchange (GRX) has announced the launch of a new Internet site designed to give “large corporations direct access to top-tier insurance markets.” The program aims to give insurance buyers “complete control over their insurance programs, realize immediate cost …
Former New Jersey Insurance Commissioner Andrew J. Karpinski died Tuesday of a heart attack. He was 59. After a 30-year career in insurance, Karpinski was nominated in 1994 to serve as commissioner. He resigned in 1995 over charges of using …
Allstate Corp.’s first-quarter operating profits fell 27 percent, due largely to higher than expected catastrophe claims. The country’s number two property-casualty insurer announced that operating profit, excluding one-time items, fell to $481 million from $663 million from the same quarter …
Frontier Insurance Group has signed a non-binding letter agreement for the sale of all outstanding capital stock of Western Indemnity Insurance Co., a Texas corporation, for cash to Galtney Investment Inc. of Houston. The proposed sale is subject to the …
Fort Worth-based INSpire Insurance Solutions has entered into a 10-year functional outsourcing agreement with Zephyr Insurance Co., a newly established provider of hurricane coverage for residential exposure in Hawaii. Zephyr will be writing a significant share of the Hawaii residential …
Global Risk Exchange will launch next month an Internet-based property-casualty commercial insurance exchange, offering corporate executives and managers direct access to top insurance markets. Large corporations will be able to interact with insurers through a trading platform designed to handle …
Top agent leaders of the largest agency management system users groups met at the Independent Insurance Agents of America national headquarters April 19 to share common interests in technology. The meeting, the ACT Agency Management System Users’ Group Leadership Summit, …
The French Commission, headed by former Minister Jean Matteoli, which was established in 1997 to investigate the wrongful confiscation of Jewish property under the Vichy regime during World War II, has issued its long awaited report. Although between 90 and …
