A strike by France’s armored car drivers has brought the cashless society a step closer to reality, albeit by default. Frenchmen depend heavily on the numerous ATMs which are located outside banks, post offices and shopping centers throughout the country, …
Spain’s Internet service provider, Terra Networks, announced that merger talks with U.S. Lycos had been successfully concluded and that the two companies were set to merge. Terra, the Internet subsidiary of Spain’s Telefonica, will acquire Lycos in an all stock …
Summit Bancorp has formed Summit Insurance Advisors, a consolidation of several long-established New Jersey-based insurance brokerage and consulting organizations—Meeker Sharkey Financial Group, W.M. Ross & Co., Corporate Dynamics, Madison Consulting Group and Patgo Insurance Agency. Summit Insurance Advisors has more …
Owners of the Pimlico Race Course have filed suit against their insurance company in an attempt to recover what they believe are covered damages. The Maryland Jockey Club of Baltimore City Inc. and Pimlico Racing Association, the track’s owners, are …
Highlights of the otherwise quiet 2000 legislative session for insurers in Arizona included the passage of House Bill 2069 and Senate Bill 1130–two laws that will help further online insurance sales and modify auto policy standards. The National Association of …
The string of catastrophes in 1999—the worst year on record for the frequency of natural disasters—has hit the reinsurance industry solidly. This was compounded by weak premium rates, and retrocession recovery problems following the financial difficulties of a number of …
A.M. Best Co., one of the nation’s largest rating agencies, has downgraded the financial strength rating of the Ohio Casualty Group to A (Excellent) from A+ (Superior). The rating change reflects the group’s earnings deterioration, increased operating leverage and significant …
The Strategic Independent Agents Alliance (SIAA), an independent insurance agency distribution network, has created a consumer web site to promote the advantages of doing business with SIAA independent agents. www.insurancedeals4u.com was introduced to the membership in March as has already …
Plano-based Electronic Data Systems Corp. has withdrawn its offer to buy Policy Management Systems Corp. for $700 million. The announcement, which came after EDS examined the insurance software company’s confidential financial statements, opens the door for Policy Management to pursue …
Bermuda based insurance broker and program manager Stirling Cooke Brown Holdings Ltd., posted a $1 million net loss for the 1st quarter, compared with net income of $3.6 million last year. Total revenues for the quarter decreased by $7.2 million, …
