October 20, 1999 |
Farmers Insurance Group of Cos. said Tuesday that its insurance exchanges will pay $812 million for Foremost Corp. of America, the No. 1 U.S. insurer of factory-made homes. The transaction values Foremost at $29.25 a share, or 22% more than Monday's closing price. On Tuesday, shares of the company, based in Caledonia Township, Mich., rose $3.75, or 16%, to close at $27.69 on the New York Stock Exchange. Los Angeles-based Farmers Insurance, one of the largest U.S.
August 28, 2009 |
California's largest auto insurer, Farmers Insurance Group, said Thursday that it planned to slash jobs at the offices of its newly acquired 21st Century Insurance unit in Woodland Hills. Los Angeles-based Farmers told employees that it would cut 554 jobs by the end of this year and that the total would reach 750 by the end of 2010. The Woodland Hills complex, which had been 21st Century's headquarters until last November, currently has 979 employees, Farmers said. Farmers completed its purchase of 21st Century from troubled insurance giant American International Group Inc. on July 1. With the merger, Farmers -- a traditional insurance company that sells home, auto, life and other insurance products with a network of agents -- added 21st Century's system for selling auto insurance directly to motorists via telephone and the Internet.
April 17, 2009 |
Two of Southern California's biggest insurance companies are joining forces to create the state's largest auto insurer, at the same time throwing a financial lifeline to troubled insurance giant American International Group Inc. AIG agreed to sell its 21st Century Insurance subsidiary for $1.9 billion to Farmers Insurance Group of Los Angeles, itself a unit of Zurich Financial Services of Switzerland.
May 14, 2004 |
California employers are likely to see lower insurance premiums now that the state has overhauled its costly workers' compensation system -- but they'll have to be patient. A veteran business lobbyist warned Thursday that the cost savings that analysts were projecting from the overhaul signed into law April 19 by Gov. Arnold Schwarzenegger probably would not be reflected in workers' comp premiums anytime soon.
October 31, 2003 |
Insurers and the analysts who follow them said Thursday that the industry appears well able to absorb the costs of the wildfires sweeping Southern California, even though the insured loss may well exceed the record $1.7 billion in claims when the scenic hills above Oakland and Berkeley went up in flames Oct. 20, 1991. "Catastrophes are priced into insurance premiums," said Bill Sirola, a spokesman for State Farm General Insurance Co.
October 31, 2000 |
Microsoft Corp. may pay more than $1 billion for a 3.5% stake in News Corp.'s Sky Global Networks, the world's No. 1 satellite TV company, the Wall Street Journal reported, citing people familiar with the matter. The world's biggest software maker and Rupert Murdoch's media group are in talks that "are progressing smoothly," the paper said. Spokesmen Rick Miller at Microsoft and Andrew Butcher at News Corp. wouldn't comment.
March 20, 2006 |
Zurich American Insurance Co. has agreed to pay nearly $172 million in a deal with nine states to settle allegations of bid rigging and price fixing in the commercial insurance market, state officials said Sunday. Policyholders in all 50 states would receive $151.7 million in refunds, said Mark Tobey, a lawyer with the Texas attorney general's office.
December 24, 1998 |
Capital Z Financial Services Fund II, a private equity fund, said Wednesday it has agreed to pay as much as $100 million to take a controlling stake in Los Angeles-based Aames Financial Corp., a home equity lender. Aames, which bundles loans and sells them to investors, was hurt this year as falling currencies in emerging markets and Russia's default led investors to flee high-risk bonds for safer U.S. Treasury bonds. Aames Chief Executive Cary H.
August 6, 2002 |
The state of Texas filed a multimillion-dollar lawsuit Monday against Farmers Group of Insurance Cos., alleging the Los Angeles company charged Texas policyholders higher premiums to pay for disasters in other states, improperly used credit histories to set rates and wrongly limited coverage for water damage.
October 24, 2007 |
Insurance adjusters and company executives began hitting Southern California in full force Tuesday, beginning the complex job of assessing fire damage and helping homeowners and renters deal with claims. By early afternoon, the state's biggest home insurer, State Farm General, and No. 2 Farmers Insurance Group said they'd received more than 2,100 claims from calls to toll-free numbers, contacts with agents and visits to field offices.