October 31, 1995
Zenith National Insurance Corp. in Woodland Hills said it was unable to reach agreement with U.S. Healthcare on a previously announced plan to form a new company to provide 24-hour managed-care products. However, Zenith said it would continue to expand its so-called SinglePoint alliance with another partner, Unum Corp., in California and other areas.
December 6, 1991 |
Amex Life Insurance Unit for Sale: American Express Co. is negotiating to sell its life insurance business for as much as $500 million as it seeks to build capital after big problems in its Optima credit-card division. The proposed sale of Amex Life Assurance Co., which has $1 billion in assets and reported $59 million in profit last year, is part of the company's recent effort to focus on its main credit-card and travel businesses.
March 25, 2003 |
UnumProvident Corp. reduced its earnings for the last three years by $29.1 million to resolve a regulatory review of the disability insurer's junk-bond holdings. The restatement will increase 2002 profit by $34.2 million and cut 2001 and 2000 earnings by a total of $63.3 million. The restatement clears the way for the Securities and Exchange Commission to approve the company's request to sell shares and shore up its capital, analysts said.
May 14, 2005 |
Financier Carl Icahn disclosed that his hedge funds bought stock in 12 companies, including more than 5 million shares of Time Warner Inc. and 10 million shares of Rite Aid Corp. Icahn Management, the partnership that runs the hedge funds, also reported ownership of 4.5 million shares in Siebel Systems Inc. and 1.9 million shares in UnumProvident Corp. as of March 31. The holdings were listed in a Securities and Exchange Commission filing. The hedge funds, Icahn Partners and Icahn Fund Ltd.
April 30, 2003 |
UnumProvident Corp., the largest U.S. disability insurer, must defend itself against a suit accusing the company of systematically denying claims for long-term disability insurance by people too sick or injured to work, a U.S. district judge in New York said. The Chattanooga, Tenn.-based company is accused in the class-action suit of violating its duty under federal insurance laws by paying bonuses to its workers based on the number of claims they deny. UnumProvident did not comment.