Fla. sues USF&G over policiesThe state of Florida filed a...

BUSINESS DIGEST

April 22, 1995

Fla. sues USF&G over policies

The state of Florida filed a lawsuit yesterday against USF&G Corp. to block the insurer from canceling 17,000 Florida homeowners insurance policies to cut losses from Hurricane Andrew.

The state asked for an emergency injunction in state circuit court in Tallahassee after the Baltimore-based insurer failed to meet a deadline yesterday to stop cancellations that Florida Insurance Commissioner Bill Nelson said were prohibited under a 1994 moratorium.

USF&G officials could not be immediately reached for comment.

USF&G began notifying homeowners last week that it was pulling out of the Florida market and would cancel all Florida policies as they came up for renewal.

Canadian firm halts search

A Canadian manufacturer that had been considering Anne Arundel County for the site of a planned $70 million factory has suspended its search, company officials said yesterday.

Husky Injection Molding Systems Inc., an Ontario-based company that makes molds and machines for plastics manufacturers, deferred the search after leasing space in Pittsfield, Mass.

The company reportedly had been looking at sites in Maryland and four other states for a plant that would employ 1,000 $H workers.

Prime Retail gains 48%

Prime Retail Inc., a Baltimore-based developer of upscale outlet centers, yesterday reported its adjusted funds from operations for the first quarter increased by 48.1 percent, to $8 million, or 50 cents per share, compared with pro forma results of $5.4 million, or 7 cents per share, for the same period a year ago.

Realtors board names winners

The Greater Baltimore Board of Realtors announced its 1995 award winners for commercial transactions on Thursday evening. Among the winners: Colliers Pinkard's Dennis P. Malone in the investment category; Casey & Associates Inc.'s G. Douglas Hilbert for land sale; Casey & Associates Inc.'s Richard F. Blue Jr. and Daniel W. Colhoun III for industrial transaction of the year; and Mid-Atlantic Properties Inc.'s Wayne R. Gioioso Jr., in the office transaction category. Mr. Blue was also named commercial Realtor of the year.

FTC approves hospital deal

The Federal Trade Commission approved an agreement yesterday that will permit the nation's two largest hospital chains to proceed with a $3 billion merger.

The commission said Columbia-HCA Healthcare has agreed to sell seven hospitals and end a joint venture at another hospital in order to settle charges that the merger would reduce or eliminate competition in some markets.

@

Baltimore Sun Articles
|
|
|
Please note the green-lined linked article text has been applied commercially without any involvement from our newsroom editors, reporters or any other editorial staff.