ACE Ltd. says first quarter 2000 was a winner, beating projected expectations with operating profits rising 13.5 percent. First quarter operating profits rose from $111.8 million last year to $127 million. Net profit, including $47.5 million in realized investment gain, …
U.K. automobile insurer, Direct Line, a subsidiary of Royal Bank of Scotland (RBOS), announced a startling success for its 9 month old online automobile insurance venture , www.directline.com. with about a 40 percent market share. Direct Line has about 15 …
The troubled California Department of Insurance received several more blows over the weekend. On Friday, a Sacramento Superior Judge seized control of the earthquake foundation set up by Commissioner Chuck Quackenbush and funded, in large part, by “donations” from several …
Insurance companies, banks, securities firms and other financial services entities will have an additional eight months to comply with privacy requirements spelled out in the Gramm-Leach-Bliley Act passed last November. The legislation, which removed barriers between the companies, had required …
State legislators hold the key to preserving state insurance regulation, an official of the National Association of Mutual Insurance Companies (NAMIC) told an audience at the spring meeting of the National Conference of State Legislators (NCSL) in Washington, D.C., Friday. …
General Re Corporation, a wholly owned subsidiary of Berkshire Hathaway Inc. has completed its analysis of strategic alternatives for General Re Financial Products (GRFP), determining that it will resume its activities with some changes. Mark J. Byrne, president and chief …
Financial services giant Citigroup unveiled a partnership with Taiwan’s Fubon Group on Saturday that will be essential to both entities expansion plans in Asia. Citigroup will invest $750 million to acquire 15 percent of five Fubon companies: Fubon Insurance Co., …
Victims of the 1994 Northridge earthquake have joined the fray over state Insurance Commissioner Chuck Quackenbush’s alleged misuse of his position, calling for his impeachment. At a new conference Thursday, people whose homes were damaged in the quake complained that …
Workers’ comp payments increased 8 percent in California from 1996 to 1998, while payments decreased nearly 1 percent nationwide, according to a report released by the National Academy of Social Insurance (NASI). These payments were for medical care and cash …
The bill, proposed initially by President Clinton, would extend curbs on the ability of financial institutions to share and sell customer information. The proposal ties directly to the Gramm-Leach-Bliley Act of last year, which required financial institutions to disclose their …
