March 23, 2001 |
Los Angeles-based Farmers Insurance Group--the nation's No. 3 auto and home insurer--is hoping to fuel ambitious expansion plans with the help of the nation's biggest bank and the world's largest labor federation. Farmers this week announced partnerships with Bank of America and Ulico Insurance Group, a company that provides commercial insurance to the AFL-CIO and other unions representing more than 16 million workers.
October 14, 1999 |
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.
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.
October 8, 2010 |
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.
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.
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.
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.