February 10, 2000 |
Allstate Corp. said its fourth-quarter operating profit fell 18% to $524 million, or 66 cents a share, as higher auto claims and stiffer competition continued to hammer the troubled insurer. Revenue grew 8.6% to $7.01 billion. Allstate's stock quickly fell to a new 52-week low, even though the results exceeded analysts' lowered expectations of 64 cents. The company's shares closed down $2.06, or more than 9%, at $19.94 on the New York Stock Exchange.
CALIFORNIA | LOCAL
March 11, 2003 |
Secretary of State Kevin Shelley on Monday called for an investigation by the state's Fair Political Practices Commission into nearly $1 million in hidden campaign donations from a Los Angeles insurance company to the California Republican Party and county GOP committees in the closing days of last year's election. Shelley, a Democrat, also said he will press to close what he called a loophole in campaign finance law that permitted 21st Century Insurance Group of Woodland Hills to cloak contributions it made to the state Republican Party on Oct. 21 until well after votes had been counted.
September 14, 2006 |
California Insurance Commissioner John Garamendi's drive to lower automobile and homeowner insurance rates is expected to pay off again today for consumers. This time, the beneficiaries will be auto policyholders with 21st Century Insurance Group and homeowners who are covered by Safeco Insurance. Savings will be about $96.5 million, the commissioner said. "It's another victory for Californians," Garamendi said.
CALIFORNIA | LOCAL
May 6, 2006 |
Auto insurers are launching a well-financed campaign against Insurance Commissioner John Garamendi's push for new regulations that the industry contends would raise rates for millions of California drivers. The campaign is expected to be unveiled Monday, less than a month before Garamendi faces two challengers in the June 6 Democratic primary for lieutenant governor. Insurers insist their "broad-based education campaign" isn't politically motivated.
March 10, 2003
Every campaign finance reform plan seems to wind up with some sort of loophole. California's Proposition 34, approved by voters in November 2000, has a doozy. That's why we learn only now that a Southern California insurance company gave nearly $1 million to the Republican Party in the waning days of last year's campaign.
February 15, 2006 |
An Indian employee of an information technology consulting company filed a lawsuit Tuesday alleging that he and other foreign workers were required to hand over their tax refunds to their employers. Starting when he came to the United States from India in 2000, Gopi Vedachalam was ordered to sign over federal and state tax refunds totaling about $25,000 to his employer, Tata America International Corp., according to the suit filed in San Francisco federal court.
February 8, 2001 |
MiniMed Inc., the leading maker of insulin pumps used by diabetics, reported higher fourth-quarter earnings Wednesday but said results in the current quarter would fall short of Wall Street forecasts as the company prepares to launch new products. Fourth-quarter net income was $18.8 million, or 28 cents a share, including long-term capital gains of $10.7 million. A year ago, net income was $7.4 million, or 11 cents. Revenue rose 30% to $92.5 million.
September 15, 2008 |
Struggling to raise billions of dollars, financial colossus American International Group Inc. on Sunday was working on a restructuring that could include the sale of Woodland Hills-based 21st Century Insurance Group, people close to the company said. But AIG, a provider of insurance and other services, decided against selling another Southland company, aircraft leasing giant International Lease Finance Corp. of Century City, the sources said. New York-based AIG, which has been hurt by its exposure to mortgage-related debt, reportedly rejected a private equity firm's offer to invest $8 billion in the insurer and was seeking to borrow $40 billion from the Federal Reserve, the New York Times reported.
February 9, 2000 |
21st Century Insurance Group on Tuesday named a former Allstate executive to the posts of president and chief executive, a move signaling that the Woodland Hills-based company is pursuing an aggressive growth strategy, analysts said. Bruce Marlow was most recently president of Allstate Corp.'s Independent Agency Markets, a division that handles the insurer's independent agents. Previously, he was chief operating officer of Progressive Corp., another national insurer.