Not all Lloyd’s underwriters are losing money. Amlin Plc, reporting on an annual basis for the first time, posted a 1999 pre-tax profit of £18.3 million ($27 million). Amlin owns 57.8 percent of three Lloyd’s syndicates and manages a total …
Britain’s CGU announced that it had agreed to acquire the life insurance and pension business of Spain’s Bancaja, its 4th largest bank, for £200 million ($196 million). The agreement will make CGNU, upon completion of the presently pending merger between …
When Boo.Com was launched last November there were high expectations that it would become a successful seller of sporty upscale designer clothing. When it collapsed yesterday under a mountain of accumulated debts, it sent shock waves through the dot com …
The Delaware House Committee on Public Safety approved a bill yesterday to help reduce the number of uninsured drivers in the state. House Bill 568 provides drivers with incentive to purchase insurance by prohibiting uninsured drivers from collecting non-economic damages …
Amid the accusations that California Insurance Commissioner Chuck Quackenbush mishandled $12.8 million in Northridge earthquake settlements, CARe (Community Assisting Recovery Inc.) feels that victims of natural disasters would be better served by an elected commissioner rather than an appointed one. …
In a significant victory for independent agents, a federal appellate court yesterday unanimously affirmed a lower-court decision that overturned an Office of the Comptroller of the Currency (OCC) ruling permitting national banks to directly sell crop insurance. The U.S. Court …
The Hartford Financial Services Group has agreed to make a cash tender offer for all of the publicly held shares of Hartford Life Class A Common Stock for $50.50 a share. The transaction is expected to be completed within 30 …
Insurance Services Office and the West Group have forged a strategic alliance to distribute selected ISO publications via Westlaw, West Group’s online legal and business research service with more than 13,000 databases. The first ISO publication to appear on Westlaw …
The board of directors of American International Group Inc. declared a three-for-two split of the company’s common stock yesterday in the form of a 50 percent common stock dividend. The dividend is payable on July 28 to shareholders of record …
Kingsway General Insurance Co., a subsidiary of Kingsway Financial Services, has acquired the renewal rights for AXA Canada subsidiaries’ long-haul trucking portfolio in Canada. The portfolio, made up of fleet business with 10 or more vehicles, produced annual premiums of …
