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BUSINESS
October 14, 1999 | STEPHEN COHEN, BLOOMBERG NEWS
California's insurance commissioner is seeking to use Allianz AG's possible purchase of Newport Beach-based Pimco Advisors Holdings LP to force the German insurer to increase its cooperation with an international investigation into its debts to Holocaust victims. Commissioner Chuck Quackenbush said Tuesday in a letter to Gov. Gray Davis that Allianz has failed to provide enough information about insurance policies to the International Commission of Holocaust Era Insurance Claims.
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BUSINESS
October 8, 2010 | By Tiffany Hsu and Marc Lifsher, Los Angeles Times
Farmers Group Inc., a Los Angeles-based insurance management firm, and its Swiss corporate parent Thursday agreed to pay $455 million to 13 million current and former policyholders to settle a 2003 lawsuit that accused them of charging excessive fees to customers. The settlement, if approved by a Los Angeles County Superior Court judge, would resolve all claims dating back to 1999. Payments to people who purchased Farmers home, automobile, personal liability and commercial property coverage are expected to average $35, but individual settlements could vary considerably, Farmers Group said.
BUSINESS
April 17, 2009 | Marc Lifsher and Martin Zimmerman
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.
BUSINESS
May 14, 2004 | Marc Lifsher, Times Staff Writer
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.
BUSINESS
October 31, 2003 | E. Scott Reckard, Times Staff Writer
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.
BUSINESS
October 31, 2000 | From Bloomberg News
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.
BUSINESS
March 20, 2006 | From the Associated Press
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.
BUSINESS
October 24, 2007 | Marc Lifsher, Times Staff Writer
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.
BUSINESS
August 6, 2002 | E. SCOTT RECKARD, TIMES STAFF WRITER
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.
BUSINESS
January 9, 2002 | LIZ PULLIAM WESTON, TIMES STAFF WRITER
Farmers Insurance Group of Cos. has applied for a premium increase of 6.9% for homeowner insurance--its fifth rate hike request in California in two years and one that has sparked outrage from consumer advocates. If granted, the increase would mean customers of the state's second-largest insurer would pay on average 37% more for homeowner insurance than they did in January 2000.
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