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Superior National Insurance Group Inc

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CALIFORNIA | LOCAL
November 23, 1999
Superior National Insurance Group Inc., Calabasas, reported a net loss of $39 million for the third quarter ended Sept. 30 compared with a net income of $2.1 million for the same period last year. Net investment income rose to $8.5 million compared with $3.4 million. The company is the parent of Superior National Insurance Co. and California Compensation Insurance Co., workers' compensation insurers.
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BUSINESS
January 11, 2005 | From Associated Press
Zurich Financial Services said Monday that it had reached a settlement with liquidators of Calabasas-based Superior National Insurance Group, ending a long-standing dispute. Under the deal, Zurich unit Centre Insurance Co. will pay as much as $110 million. Most of it will be in cash, the Swiss-based insurance giant said. The legal tussle focused on payments made by Superior National to Centre Insurance shortly before Superior National collapsed in 2000.
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BUSINESS
March 4, 1997
Pac Rim Holding Corp., a Woodland Hills workers' compensation insurer, said it has amended its merger agreement with Superior National Insurance Group Inc. The agreements now states that Pac Rim will be acquired for about $42 million, resulting in payment of $2.11 per share to common shareholders. The price was renegotiated and reduced by $12 million to allow for an adjustment in reserves at Pac Rim subsidiary, the company said.
CALIFORNIA | LOCAL
November 23, 1999
Superior National Insurance Group Inc., Calabasas, reported a net loss of $39 million for the third quarter ended Sept. 30 compared with a net income of $2.1 million for the same period last year. Net investment income rose to $8.5 million compared with $3.4 million. The company is the parent of Superior National Insurance Co. and California Compensation Insurance Co., workers' compensation insurers.
BUSINESS
July 2, 1997 | (Bloomberg News)
Calabasas-based Superior National Insurance Group Inc. said it paid back ahead of time $88.6 million of long-term debt to New York-based Chase Manhattan Bank that it borrowed in November. Superior National, the parent company of two California workers' compensation insurers--Superior Pacific Insurance Group and Superior Pacific Casualty Co.--said it repaid the debt with reinsurance payments resulting from a 1991 agreement with Bermuda-based Centre Reinsurance Ltd.
BUSINESS
January 11, 2005 | From Associated Press
Zurich Financial Services said Monday that it had reached a settlement with liquidators of Calabasas-based Superior National Insurance Group, ending a long-standing dispute. Under the deal, Zurich unit Centre Insurance Co. will pay as much as $110 million. Most of it will be in cash, the Swiss-based insurance giant said. The legal tussle focused on payments made by Superior National to Centre Insurance shortly before Superior National collapsed in 2000.
BUSINESS
July 30, 1996
Superior National Insurance Group Inc. in Calabasas reported a 27% jump in its second-quarter profit. The company's three-month earnings totaled $526,000, compared to a $414,000 profit a year earlier. Its net income for the six months ended June 30 was $1.2 million, more than double the $540,000 it earned in the first half of 1995. The profit gains were due to a one-time loss of $9.84 million in 1995 from Superior's discontinuance of its property and casualty operations, the company said.
BUSINESS
September 18, 1996 | Times Staff and Wire Reports
Superior National to Buy Pac Rim Holding: The deal, which is estimated to be worth $54 million, is expected to yield $3 to $3.10 a share to Pac Rim shareholders. The final price of the transaction, which would create the largest independent workers' compensation insurer in California, is subject to the size of Pac Rim's loss reserves when the transaction closes in early 1997, the companies said. The companies had been working toward an agreement for several weeks. Pac Rim Holding Corp.
BUSINESS
May 6, 1998 | Bloomberg News
Foundation Health Systems Inc. said first-quarter profit, excluding a workers' compensation unit it's selling for $290 million, fell 45% as medical costs rose faster than revenue. Profit fell to $26.2 million, or 22 cents a diluted share, from $47.6 million, or 38 cents, a year earlier. The Woodland Hills-based company was expected to earn 22 cents a share. Foundation said it will sell its workers' compensation unit to Superior National Insurance Group Inc.
BUSINESS
October 16, 1998 | Bloomberg News
Foundation Health Systems Inc. stock rose as much as 27% as Superior National Insurance Group Inc. said it expects to complete its $285-million purchase of Foundation's money-losing workers' compensation unit Dec. 10. Foundation shares lost about a third of their value this month amid concern about rising medical costs as well as delays in the sale, which is part of the health maintenance organization's plan to shed units that aren't related to its healthiest HMO businesses.
BUSINESS
July 2, 1997 | (Bloomberg News)
Calabasas-based Superior National Insurance Group Inc. said it paid back ahead of time $88.6 million of long-term debt to New York-based Chase Manhattan Bank that it borrowed in November. Superior National, the parent company of two California workers' compensation insurers--Superior Pacific Insurance Group and Superior Pacific Casualty Co.--said it repaid the debt with reinsurance payments resulting from a 1991 agreement with Bermuda-based Centre Reinsurance Ltd.
BUSINESS
March 4, 1997
Pac Rim Holding Corp., a Woodland Hills workers' compensation insurer, said it has amended its merger agreement with Superior National Insurance Group Inc. The agreements now states that Pac Rim will be acquired for about $42 million, resulting in payment of $2.11 per share to common shareholders. The price was renegotiated and reduced by $12 million to allow for an adjustment in reserves at Pac Rim subsidiary, the company said.
CALIFORNIA | LOCAL
May 25, 1999
Superior National Insurance Group Inc., based in Calabasas, reported net income of $6.7 million or 38 cents per share for the first quarter ended March 31. This compares with net income of $1.9 million or 32 cents per share for the same quarter a year earlier. Net investment income was $12 million or 68 cents per share, compared with $4.3 million or 72 cents per share a year ago.
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