CALIFORNIA | LOCAL
April 30, 2002 |
The U.S. Supreme Court on Monday turned away the insurance industry's challenge of a California law that gave thousands of property owners a second chance to claim damages from the 1994 Northridge earthquake. "Obviously, we're disappointed," said Fiona Hutton, a consultant with 21st Century Insurance Co., formerly known as 20th Century, which asked the high court to hear a case involving a Culver City homeowner. The court refused the request without comment.
May 6, 2012 |
The U.S. Treasury is taking another step to unwind its unprecedented 2008 bailout ofAmerican International Group Inc.by selling about $5 billion more of the insurance giant's shares and reducing its stake in the New York company to 63%. Thanks to AIG's rising stock price -- up 41.5% this year -- the government was able late Sunday to price 164 million shares it plans to sell Monday at $30.50 each. The sale brings down AIG's debt to taxpayers to $39 billion from more than $182 billion that the Treasury and the Federal Reserve had pledged in a multi-step bailout starting in September 2008.
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.
May 6, 2000 |
A Superior Court judge on Friday froze the assets of a foundation created by Insurance Commissioner Chuck Quackenbush after hearing it described as a "sham" operation whose monies were improperly diverted by one of the commissioner's key deputies. Sacramento Superior Court Judge John R. Lewis ruled that funds deposited with the foundation for Northridge earthquake victims will be frozen until he can conduct a hearing May 22. On that date, the court will consider state Atty. Gen.
CALIFORNIA | LOCAL
May 18, 2000 |
Quite aside from Chuck Quackenbush, the insurance-buying public certainly had every right to expect that the private institutions dealing with the Northridge earthquake's aftermath--the insurers and the trial lawyers, particularly--would behave properly. But six years after the disaster, it appears that proper dealing was in short supply. This situation cost some of those who suffered losses more than the quake itself did.
August 25, 2000 |
The Internet was supposed to make shopping for auto insurance fast and easy. You wish. There still is no single comprehensive insurance marketplace on the Web; consumers have to visit several sites, filling out time-consuming forms at each, to glimpse the range of rates being offered. The California Department of Insurance premium survey, intended as a guide to auto insurance rates, is too general and outdated to be of much use.
September 16, 2008 |
American International Group Inc., the nation's largest insurer by assets, Monday scrambled to borrow money from its subsidiaries and searched for as much as $75 billion in new capital as it struggled to stay afloat financially. The New York giant also considered selling holdings while three key ratings firms -- A.M. Best Co., Fitch Ratings and Standard & Poor's -- downgraded its ability to service its debt. On Monday, Wall Street pummeled AIG's stock. It fell $7.38 to $4.76, down 61% from Friday's close.
September 18, 2008 |
Bargain hunters could snag some good deals by buying parts of troubled American International Group Inc.'s profitable subsidiaries in California and around the world, market analysts predicted Wednesday. Top-earning units that could be up for grabs in the state include 21st Century Insurance Co. of Woodland Hills, the state's seventh-largest automobile insurer, and International Lease Finance Corp. of Century City, which owns more than 950 commercial airliners. AIG also is the No.
August 4, 2000 |
By the time he left office last month, former state Insurance Commissioner Chuck Quackenbush had transferred a total of $565,000 in contributions, mostly from insurance companies, to his wife's campaign accounts, state records showed Thursday. . The transfers occurred over two years, with the final payment of $220,000 to Chris Quackenbush's accounts coming in March, just as revelations of wrongdoing in the Department of Insurance were beginning to unfold.
CALIFORNIA | LOCAL
December 21, 1999 |
The i's have been dotted, the t's crossed and the numbers crunched. Now, most of the San Fernando Valley's largest corporate citizens are spending the final weeks before Y2K reviewing their contingency plans and making sure all bases will be covered for the big rollover. Companies that process large volumes of information daily, such as banks and insurers, are gearing up for what they hope will be an uneventful New Year.