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BUSINESS
September 21, 1992 | From Times staff and wire reports
Primerica Corp. said Sunday that it will pump $772.5 million into Travelers Corp. in exchange for a 27% stake in the financially struggling insurance company. The arrangement will also give Travelers stakes in two Primerica units. In addition, Primerica said its chairman, Sanford Weill, will begin working with Travelers' management to help direct operations. New York-based Primerica is a diversified financial services company.
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BUSINESS
March 26, 2005 | From Bloomberg News
St. Paul Travelers Cos., the second-largest U.S. commercial insurer, said Friday that it would sell its $2.8-billion controlling stake in money manager Nuveen Investments Inc. through a secondary offering and other transactions. Nuveen will buy $600 million of its shares from St. Paul Travelers and the remaining shares will be sold through Merrill Lynch & Co. and Morgan Stanley affiliates, the St. Paul, Minn.-based insurer said. St.
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BUSINESS
November 10, 1994 | GREG JOHNSON, TIMES STAFF WRITER
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."
BUSINESS
November 10, 1994 | GREG JOHNSON, TIMES STAFF WRITER
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."
BUSINESS
May 30, 1989 | From the Hartford Courant
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.
BUSINESS
November 13, 1991 | From Associated Press
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.
BUSINESS
November 4, 1992 | From Times Wire Services
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.
NEWS
December 10, 1988 | BILL SING and KENNETH REICH, Times Staff Writers
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.
BUSINESS
June 15, 1994 | DAVID R. OLMOS, TIMES STAFF WRITER
Metropolitan Life Insurance Co. and Travelers Inc. said Tuesday that they plan to merge their health insurance operations to create a giant insurer designed to compete better in a fast-changing health care marketplace. The deal would create the nation's largest health insurance network, covering some 13 million people, with operations in 42 states.
BUSINESS
June 14, 1994 | From Associated Press
Metropolitan Life Insurance Co. and Travelers Inc. are expected to announce as soon as today a merger that would create the nation's largest health care company, the New York Times reported. The two companies are expected to announce the merger of their health care businesses as well as the acquisition by Met Life of Travelers' group life and related businesses, the newspaper said in today's editions, citing people close to the negotiations whom it did not name.
BUSINESS
November 4, 1992 | From Times Wire Services
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.
BUSINESS
September 21, 1992 | From Times staff and wire reports
Primerica Corp. said Sunday that it will pump $772.5 million into Travelers Corp. in exchange for a 27% stake in the financially struggling insurance company. The arrangement will also give Travelers stakes in two Primerica units. In addition, Primerica said its chairman, Sanford Weill, will begin working with Travelers' management to help direct operations. New York-based Primerica is a diversified financial services company.
BUSINESS
November 13, 1991 | From Associated Press
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.
BUSINESS
June 15, 1994 | DAVID R. OLMOS, TIMES STAFF WRITER
Metropolitan Life Insurance Co. and Travelers Inc. said Tuesday that they plan to merge their health insurance operations to create a giant insurer designed to compete better in a fast-changing health care marketplace. The deal would create the nation's largest health insurance network, covering some 13 million people, with operations in 42 states.
BUSINESS
June 14, 1994 | From Associated Press
Metropolitan Life Insurance Co. and Travelers Inc. are expected to announce as soon as today a merger that would create the nation's largest health care company, the New York Times reported. The two companies are expected to announce the merger of their health care businesses as well as the acquisition by Met Life of Travelers' group life and related businesses, the newspaper said in today's editions, citing people close to the negotiations whom it did not name.
BUSINESS
October 25, 1990 | LINDA DARNELL WILLIAMS, TIMES STAFF WRITER
Travelers Corp. said Wednesday that it intends to buy U.S. Behavioral Health of Emeryville, a provider of managed mental health and substance abuse services for employers and insurers. Travelers, a Hartford, Conn.-based insurer, said the acquisition will strengthen its ability to help customers control the cost of mental health and substance abuse benefits. The transaction is subject to regulatory approvals and negotiation of a definitive purchase agreement, Travelers said.
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