December 7, 2009 |
Farmers Insurance Group plans to lay off nearly 200 people at its recently acquired 21st Century Insurance division over the next three weeks. Since August the company has laid off 343 people at the Woodland Hills headquarters of 21st Century, which Farmers bought in July. Farmers spokesman Mark Toohey said the layoffs were part of a plan to streamline operations at the two companies. An additional 95 jobs will be eliminated next year, he said. Farmers completed its purchase of 21st Century from troubled insurance giant American International Group Inc. on July 1. With the merger, Farmers -- a traditional insurance company that sells home, automobile, life and other insurance products through a network of agents -- added 21st Century's system for selling auto insurance directly to motorists via telephone and the Internet.
November 25, 2008 |
American International Group Inc., the insurer bailed out by the government, will remove AIG from the name of a U.S. auto unit and cut 6.6% of jobs there to boost chances of finding a buyer for the business. AIG will start calling its Aigdirect.com unit 21st Century Insurance in January, reverting to the brand of a California-based car insurer acquired last year, a spokesman said. The company will also close offices in 12 cities, AIG said. The unit had about 5,500 employees as of September 2007.
CALIFORNIA | LOCAL
November 13, 1999 |
Norman Sklarewitz of West Hollywood noticed a sign at a commercial building on 3rd Street that said, "Parking for Directors, Producers and Clients Only." Asked Sklarewitz: "But isn't that just about everyone on the Westside?" WAY OUT: Don't get the idea that Orange County's Silverado Canyon--home of Thisa Way, Thata Way and Hidea Way--has a monopoly on unusual street names. Sal Lombardo of West L.A. found Easy Way and Old Fashion Way in Anaheim along with A Better Way in Garden Grove.
August 28, 2009 |
California's largest auto insurer, Farmers Insurance Group, said Thursday that it planned to slash jobs at the offices of its newly acquired 21st Century Insurance unit in Woodland Hills. Los Angeles-based Farmers told employees that it would cut 554 jobs by the end of this year and that the total would reach 750 by the end of 2010. The Woodland Hills complex, which had been 21st Century's headquarters until last November, currently has 979 employees, Farmers said. Farmers completed its purchase of 21st Century from troubled insurance giant American International Group Inc. on July 1. With the merger, Farmers -- a traditional insurance company that sells home, auto, life and other insurance products with a network of agents -- added 21st Century's system for selling auto insurance directly to motorists via telephone and the Internet.
March 23, 2009 |
In a recent TV ad, a little boy walks into his parents' bedroom in the middle of the night, unable to sleep. But it's not bad dreams that are keeping him awake. "I'm worried about this family's financial future," he announces. Don't worry, his dad assures him, "we're with AIG." The problem for American International Group Inc. these days is that many current and potential customers are worried about its future.
May 25, 2011 |
U.S. taxpayers got their first look at the potential payback from the bailout of giant insurer American International Group Inc., and so far it looks like a break-even proposition. AIG, whose near-collapse in the fall of 2008 led to one of the biggest bailouts of the financial crisis, sold its first new stock offering since then, pricing 300 million shares at $29 each to raise a total of $8.7 billion. The sale Tuesday included 200 million shares held by the federal government, which picked up $5.8 billion and lowered taxpayers' stake in the company to 77% from 92%. Treasury Secretary Timothy F. Geithner said the sale was "an important milestone" in the Obama administration's attempts to sell its stake in AIG and recover bailout money.