November 10, 1994 |
Homedco Group Inc. said Wednesday that it will begin providing home-health-care services to 1.8 million people enrolled in managed-health-care programs offered by The Travelers Corp. "This is probably one of the largest contracts that we've signed," said Lawrence H. Smallen, Homedco's chief financial officer. "Travelers estimates that their (1993) expenses for home care were about $25 million. We're not saying we'll get all of that business, but we feel we'll be working on a large part of it."
May 30, 1989 |
When George A. McKeon started working as a lawyer for Travelers Corp. nearly two decades ago, there were a trickle of lawsuits against the company. Today, it's a torrent. McKeon, now the company's general counsel, says the number of lawsuits has soared from about 20 when he started to more than 2,000 now pending. His yearly budget to handle litigation has also skyrocketed, from $21 million in 1967 to about $270 million this year. Travelers--and much of the insurance industry--is facing a new legal landscape.
November 13, 1991 |
The Travelers Corp. announced Tuesday that it will sell Dillon, Read & Co., the 161-year-old investment bank, to the firm's management and the British merchant bank Barings. Travelers, the insurance giant, would receive $122 million from the proposed sale, which is subject to regulatory approval. It bought Dillon Read for $157.6 million in 1986. The company said it wants to focus on its core insurance, managed care and investment businesses.
November 4, 1992 |
The Travelers Corp. on Tuesday said that it lost $358 million in the third quarter and announced plans to eliminate another 1,500 jobs following 3,500 in cuts outlined less than two months ago. The insurer blamed the loss on claims from Hurricane Andrew and costs associated with a recession-related restructuring, which includes a plan to sell a 27% stake to the New York-based financial services concern Primerica Corp. The third-quarter results translate to a loss of $3.
December 10, 1988 |
At least one insurer, Travelers Corp., is continuing to send notices to its auto policyholders that it will not renew their policies, becoming possibly the first company openly to defy provisions of Proposition 103 since they became effective Wednesday. State Insurance Department officials said Friday that Travelers' actions may be illegal and could be challenged by the department, but Travelers contended that its actions are legal.