August 7, 2001 |
Scottish Annuity & Life Holdings Ltd. on Monday said it would buy a reinsurance unit of Pacific Life Insurance Co. for $78 million in stock to boost capital and build a core business overseas. Scottish Annuity, which provides reinsurance of life insurance and annuities and also issues customized variable life and annuity products for the wealthy, will buy World-Wide Holdings Ltd. and its World-Wide Reassurance Co. Ltd. unit, based in Windsor, England.
April 8, 2000 |
Prison Realty Trust Inc., a struggling developer and owner of prisons and other detention facilities, said Friday it has agreed to a $200-million restructuring plan with shareholder Pacific Life Insurance Co. of Newport Beach. Under the agreement, Pacific Life, which owns about 4.5 million of Prison Realty's 118.4 million outstanding shares, will receive warrants to buy either 10% of Prison Realty common stock or 20 million shares, whichever is greater.
April 5, 2000
Pacific Life Insurance Co., which is based in Newport Beach, said net income for 1999 rose 54% to $371 million from $241.5 million the previous year. Revenue rose 11% to $3.1 billion.
February 26, 2000 |
Pacific Life Insurance Co. said Friday that it has proposed a $200-million restructuring plan for a struggling Nashville real estate investment trust that owns prison properties. The Newport Beach life insurer, which owns a 4% stake in Prison Realty Trust Inc., said its proposal is better for shareholders than the company's plan to sell a $350-million stake to a group led by Blackstone Group Inc.
CALIFORNIA | LOCAL
February 12, 2000 |
Faced with a slow-growth initiative on the ballot in November, Pacific Life Insurance Co. on Friday became the third company to withdraw plans for a major expansion of its headquarters in Newport Beach. In tandem with the Irvine Co. and other landowners in and around Fashion Island, Pacific Life had been seeking an amendment to the city's general plan that would have allowed the company to increase its headquarters by 420,000 square feet.
January 29, 2000 |
Newport Beach-based Pacific Life Insurance Co. is relocating 450 employees, or about 25% of its work force, to Foothill Ranch, the company said Friday. Most of the workers will be transferred from Newport Center, the office buildings that ring Fashion Island. A smaller number will be moved from a Fountain Valley facility, said company spokeswoman Marie Connell. She added that the company has run out of space at its main office at Newport Center, and at other area buildings where it leases space.