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BUSINESS
August 19, 1991 | From Times Staff and Wire Reports
Rating Agencies Downgrade Some Insurers: Duff & Phelps said it lowered the senior debt rating of Aetna Life & Casualty to double-A-plus from triple-A. It also assigned a claims paying ability rating of triple-A to the Aetna Casualty & Surety Co and Standard Fire Insurance Co. intercompany pools and gave a double-A-plus rating to the claims paying ability of Aetna Life Insurance Co.
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BUSINESS
April 11, 2001 | KEITH SNIDER, BLOOMBERG NEWS
Aetna Inc., the biggest U.S. health insurer, said Tuesday that first-quarter profit was "significantly" below analyst estimates as medical costs rose more than expected. Aetna shares plunged almost 18% and cast a pall over other HMO stocks. Aetna also said 2001 profit may be lower than the $1.20 to $1.30 a share it previously forecast. The company will take a first-quarter charge of $90 million before taxes for additional medical costs from before the first of this year.
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BUSINESS
September 15, 1992 | From Times Staff and Wire Reports
Two Firms File Suit Against NME: Metropolitan Life Insurance Co. and Aetna Life Insurance Co. filed suit against Santa Monica-based National Medical Enterprises, alleging racketeering and widespread fraud in NME's practices in recruiting and admitting patients for its psychiatric hospitals. The suit follows similar suits by eight other insurers and was filed in U.S. District Court in Dallas.
BUSINESS
May 22, 1998 | Associated Press
Lincoln National Corp. is buying Aetna's U.S. individual life insurance business for $1 billion, its second large life insurance acquisition this year. Under the deal, Lincoln National will purchase $50 billion in insurance business from Hartford, Conn.-based Aetna. Aetna would keep its group life and international life insurance businesses, as well as its health insurance business. Fort Wayne, Ind.
BUSINESS
February 19, 1990 | From United Press International
Insurers Win $18-Million Judgment: Three insurance carriers won an $18-million default judgment Thursday in a health insurance fraud case against two Soviet emigre doctors--brothers David and Michael Smushkevich--whom the companies claimed operated 240 dummy medical labs in California. U.S. District Court Judge John Davies ruled for Aetna Life Insurance Co., Metropolitan Life Insurance Co. and Employers Health Insurance Co. (Filed Oct. 23, 1986. Case No. CV-866955)
BUSINESS
August 20, 1993 | DAVID R. OLMOS, TIMES STAFF WRITER
National Medical Enterprises on Thursday sued 16 major insurance companies, accusing them of conspiring to delay or deny payments for patient care at psychiatric hospitals operated by the Santa Monica-based firm. The companies named in the civil suit, including Aetna Life Insurance Co., Prudential Insurance Co. and Metropolitan Life Insurance Co., are the same firms that last year sued National Medical in federal court, alleging widespread fraud at the company's psychiatric hospitals.
CALIFORNIA | LOCAL
August 3, 1996 | JULIE MARQUIS
Aetna Life Insurance Co. has reached a confidential settlement with one of the main defendants in a massive lawsuit accusing psychiatric care providers of orchestrating a sprawling billing fraud scam in Orange and Los Angeles counties. The two-year dispute between Aetna and the Pasadena-based Paracelsus Healthcare Corp., has been settled "on terms that are satisfactory to Aetna," the insurance company's lead attorney, Marvin Wexler of New York, said Thursday.
BUSINESS
February 17, 1990 | LINDA WILLIAMS, TIMES STAFF WRITER
Aetna Life Insurance Co. says the $18 million that a federal judge awarded to it and two other health insurance carriers on Thursday was the largest health-care fraud judgment ever secured under the federal Racketeer Influenced and Corrupt Organizations Act (RICO). But Aetna acknowledged that the hard part will be getting its hands on the money.
BUSINESS
July 27, 1989 | GREG JOHNSON, Times Staff Writer
Financially ailing Western Health Plans acknowledged Tuesday that it has agreed to sell its 125,000-member Greater San Diego Health Plan to a joint venture that includes seven local hospitals, Aetna Life Insurance Co. and Partners National Health Plans. Terms of the agreement in principle, which calls for a definitive agreement to be completed by Aug. 18, were not revealed.
BUSINESS
October 11, 1996 | From Bloomberg Business News
Aetna Inc. said Thursday that it is reducing its work force by 13%, or 4,400, and taking charges of $307 million as it moves to cut expenses after buying US Healthcare Inc. Aetna will layoff about 8,200 people by the end of 1998, but will add new jobs to bring the net loss to 4,400. The Hartford, Conn.-based insurance giant is shedding about 4,000 jobs as a result of merging its health business with that of US Healthcare, which it bought in July for $8.18 billion.
CALIFORNIA | LOCAL
August 3, 1996 | JULIE MARQUIS
Aetna Life Insurance Co. has reached a confidential settlement with one of the main defendants in a massive lawsuit accusing psychiatric care providers of orchestrating a sprawling billing fraud scam in Orange and Los Angeles counties. The two-year dispute between Aetna and the Pasadena-based Paracelsus Healthcare Corp., has been settled "on terms that are satisfactory to Aetna," the insurance company's lead attorney, Marvin Wexler of New York, said Thursday.
NEWS
December 10, 1995 | JULIE MARQUIS, TIMES STAFF WRITER
The programs offered tender solace to the sad and sleepless. To the overwrought, the overweight, the drug-dependent and the spiritually confused, they extended a friendly hand. One program, run by charismatic Christians, claimed to "truly understand your pain," pledging in its advertisements to "love you, not judge you." Another was conceived by a former addict who had crashed to the bottom and climbed doggedly back. They all were part of a sprawling, sinister scam, a major insurer contends.
NEWS
December 10, 1995 | JULIE MARQUIS, TIMES STAFF WRITER
The programs offered tender solace to the sad and sleepless. To the overwrought, the overweight, the drug-dependent and the spiritually confused, they extended a friendly hand. One program, run by charismatic Christians, claimed to "truly understand your pain," pledging in its advertisements to "love you, not judge you." Another was conceived by a former addict who had crashed to the bottom and climbed doggedly back. They all were part of a sprawling, sinister scam, a major insurer contends.
BUSINESS
August 20, 1993 | DAVID R. OLMOS, TIMES STAFF WRITER
National Medical Enterprises on Thursday sued 16 major insurance companies, accusing them of conspiring to delay or deny payments for patient care at psychiatric hospitals operated by the Santa Monica-based firm. The companies named in the civil suit, including Aetna Life Insurance Co., Prudential Insurance Co. and Metropolitan Life Insurance Co., are the same firms that last year sued National Medical in federal court, alleging widespread fraud at the company's psychiatric hospitals.
BUSINESS
September 15, 1992 | From Times Staff and Wire Reports
Two Firms File Suit Against NME: Metropolitan Life Insurance Co. and Aetna Life Insurance Co. filed suit against Santa Monica-based National Medical Enterprises, alleging racketeering and widespread fraud in NME's practices in recruiting and admitting patients for its psychiatric hospitals. The suit follows similar suits by eight other insurers and was filed in U.S. District Court in Dallas.
CALIFORNIA | LOCAL
April 23, 1991 | LILY ENG, TIMES STAFF WRITER
The insurance company that had refused to pay for a bone-marrow transplant for 5-year-old cancer patient Holly Keuthan reversed itself Monday and announced that it will pay for the $350,000 operation, which could triple the girl's chance of survival. "The case went through another extensive review, and we decided to proceed with it," said Aetna Life Insurance Co. spokesman Robert Nolan in an interview.
CALIFORNIA | LOCAL
April 30, 1992 | JEFFREY L. RABIN, TIMES STAFF WRITER
A Los Angeles Superior Court judge Wednesday ordered the appointment of a receiver to immediately take over the high-rise Marina City Club complex in Marina del Rey after developer Jerome Snyder defaulted on a $24-million loan from Aetna Life Insurance Co. The order, signed by Judge Robert H. O'Brien, placed the receiver in charge of managing the waterfront development, which includes condominiums, apartments, boat slips, an athletic club and restaurant.
CALIFORNIA | LOCAL
April 30, 1992 | JEFFREY L. RABIN, TIMES STAFF WRITER
A Los Angeles Superior Court judge Wednesday ordered the appointment of a receiver to immediately take over the high-rise Marina City Club complex in Marina del Rey after developer Jerome Snyder defaulted on a $24-million loan from Aetna Life Insurance Co. The order, signed by Judge Robert H. O'Brien, placed the receiver in charge of managing the waterfront development, which includes condominiums, apartments, boat slips, an athletic club and restaurant.
BUSINESS
August 19, 1991 | From Times Staff and Wire Reports
Rating Agencies Downgrade Some Insurers: Duff & Phelps said it lowered the senior debt rating of Aetna Life & Casualty to double-A-plus from triple-A. It also assigned a claims paying ability rating of triple-A to the Aetna Casualty & Surety Co and Standard Fire Insurance Co. intercompany pools and gave a double-A-plus rating to the claims paying ability of Aetna Life Insurance Co.
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