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BUSINESS
By Kim Clark nJB | January 14, 1992
Alexander & Alexander Services Inc. will restructure its international insurance brokerage business and take a $75 million charge against its fourth-quarter earnings, resulting in a loss for the three months and the year, the company said yesterday.Alexander & Alexander, a New York-based insurance company that has more than 800 employees in Maryland, also announced yesterday that it will close some of its 210 brokerage offices, cut its staff and sell some of its underwriting and management divisions.
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BUSINESS
By Allison Connolly and Allison Connolly,Sun reporter | January 19, 2007
Aon Corp. plans to slash more than one-third of its work force in Owings Mills as part of a companywide restructuring that will consolidate administrative support services for its U.S. retail brokerage operation and outsource some of it to India. The world's second-largest insurance brokerage said yesterday that it has notified 550 workers, including between 50 and 60 in Owings Mills, that their jobs will be eliminated over the course of the year. The Owings Mills office employs about 150. The Chicago-based company will consolidate services at a support center in Glenview, Ill., and close centers in New York and Houston.
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BUSINESS
By David Conn and David Conn,Sun Staff Writer | October 2, 1994
Frank G. Zarb, international investment banker, former U.S. energy czar and onetime gas station attendant, looks back with a touch of fondness to his first job: wiping windshields and cleaning bathrooms.That first job, fresh out of the Army, led Mr. Zarb to a position running employee training programs for the old Cities Service Oil Co. (now Citgo). And it taught him the value of mastering the basics."The dealers who checked your oil, who wiped your windshields and who had regularly clean facilities invariably did a better job [at selling oil]
NEWS
December 28, 2003
MASHPEE, MA (Dec. 24): PHILIPWAHMANN NESS, 97, former Chairman of the Board of Alexander & Alexander, a major international insurance broker, died Wednesday in a nursing home in Mashpee of pneumonia. He is survived by his wife of 72 years, Anne Semple Ness, 96. After their marriage in 1931, Mr. and Mrs. Ness lived in Baltimore and Ruxton, Maryland until 1947. Mr. and Mrs. Ness have been permanent residents of Sarasota, FL since 1972. He was born on December 18, 1906 in Baltimore, MD, to Charles Morgan Ness, the owner of a significant leather-goods business, and Francis Wahmann Ness, an artist known for her still-life paintings.
BUSINESS
By Timothy J. Mullaney and Timothy J. Mullaney,Staff Writer | January 18, 1994
The chairman and chief executive of Alexander & Alexander Services Inc. announced his retirement yesterday, taking the fall for a prolonged earnings slump at the New York-based insurance brokerage company, which has its operations headquarters in Owings Mills.Tinsley H. Irvin, 60, said he will step down immediately as chairman but will stay on as chief executive while the company seeks a replacement.In a statement, the company said Mr. Irvin had agreed to step down because "in order to . . . effect improvements in operations and earnings, significant changes in leadership of the company are necessary."
BUSINESS
By David Conn and David Conn,Sun Staff Writer | February 17, 1995
Alexander & Alexander Services Inc., the world's second-largest insurance broker, finished a painful year of restructuring with a loss of $111.3 million in the fourth quarter, the company announced yesterday.The loss, which amounted to $2.66 a share after the payment of preferred stock dividends, included pre-tax charges that totaled million in the quarter. The charges covered the costs of real estate consolidations, about 1,100 layoffs and various litigation settlements involving former subsidiaries.
BUSINESS
By Timothy J. Mullaney and Timothy J. Mullaney,SUN STAFF | April 20, 1996
Alexander & Alexander Inc. reported a big first-quarter earnings drop yesterday, explaining to Wall Street that some businesses it acquired last year are seasonal and do poorly in the first few months of the year.The large insurance brokerage firm said it earned $13.1 million, or 15 cents a share, on sales of $314.3 million during the three months that ended in March. The company earned $41.7 million during the same months of 1995."Operating margins for 1996 are expected to improve modestly over 1995 despite difficult market conditions," Alexander & Alexander chief executive Frank G. Zarb said.
BUSINESS
By BLOOMBERG BUSINESS NEWS | December 18, 1996
WASHINGTON -- Alexander & Alexander Services Inc. President and Chairman Frank Zarb will leave the company after it merges with Aon Corp., taking at least $12 million in cash as part of his severance.The company disclosed in a filing with the Securities and Exchange Commission that "the employment of Frank Zarb with the surviving corporation shall be terminated without cause" after the merger.Aon announced last week that it would purchase Alexander & Alexander for $1.23 billion, creating one of the nation's largest insurance brokerage companies.
BUSINESS
By Kevin L. McQuaid and Kevin L. McQuaid,SUN STAFF | October 24, 1995
Alexander & Alexander Services Inc. continued its financial rebound in the third quarter, reaping the benefits of an aggressive reorganization and cost-cutting campaign.The New York-based insurance brokerage and consulting firm -- which has a significant presence in the Baltimore area with more than 750 employees -- reversed its poor performance in the third quarter of last year by generating net income of $17.5 million, 25 cents per share, for the period ending Sept. 30.In the comparable quarter a year ago, Alexander & Alexander suffered a net loss of $20.8 million, or 11 cents per share.
BUSINESS
By Abbe Gluck and Abbe Gluck,SUN STAFF | July 27, 1996
Alexander & Alexander Services Inc. reported yesterday a 5.3 percent decline in income for the second quarter because of what the New York-based company's chairman called "considerable pressure" on its North American retail operations.Net income for the quarter that ended June 30 fell to $21.5 million, or 33 cents per share, from $22.7 million, or 36 cents per share in 1995. Operating revenue rose 2.2 percent, to $335.2 million from $328.1 million a year earlier.The company, which provides professional risk-management and human-resources consulting, along with insurance brokerage services, has major sales and administrative operations in Baltimore and Owings Mills.
BUSINESS
By BLOOMBERG NEWS | August 6, 1997
CHICAGO -- Aon Corp. yesterday said that it has asked for a government investigation of Alexander & Alexander Services Inc., after discovering $27 million of hidden losses at the insurance broker it bought in January for $1.2 billion.Aon, the world's second-biggest insurance broker, said the losses came from collateralized mortgage obligations, or CMOs, a form of bonds backed by home-loan payments. The company said it "contacted law enforcement authorities and is cooperating with their investigations."
BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | January 29, 1997
The National Association of Securities Dealers Inc. yesterday tapped Frank G. Zarb, former chairman and chief executive of Alexander & Alexander Services Inc., as its president and chief executive.The NASD's board approved Zarb's nomination Monday evening at a meeting in Pebble Beach, Calif."This appointment represents a new era for the NASD," said Daniel P. Tully, chairman and chief executive of Merrill Lynch & Co., who headed the NASD search committee.Zarb replaces Joseph R. Hardiman, a former top executive at Baltimore-based Alex.
BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | January 28, 1997
Frank G. Zarb, former president and chairman of Alexander & Alexander Services Inc., is a leading candidate to run the National Association of Securities Dealers, according to a source close to the negotiations."
BUSINESS
By Insider Trading is written by CDA/Investnet of Fort Lauderdale, Fla | January 27, 1997
Below are insider transactions for publicly held companies based in Maryland or having substantial operations here. Insiders are officers, directors or owners of 10 percent or more of a corporation's stock.Alexander & AlexanderAlbert A. Skwiertz,vice president, exercised an option for 22,967 shares of common stock at $14.50 each Dec. 30 and sold them at $17.25 each Dec. 30 and now directly and indirectly holds 2,821 common.Essex Corp.Martin G. Every,vice president, sold 5,000 shares of common at $1.13 each Dec. 24 and now directly and indirectly holds 6,037 shares.
BUSINESS
By BLOOMBERG BUSINESS NEWS | December 18, 1996
WASHINGTON -- Alexander & Alexander Services Inc. President and Chairman Frank Zarb will leave the company after it merges with Aon Corp., taking at least $12 million in cash as part of his severance.The company disclosed in a filing with the Securities and Exchange Commission that "the employment of Frank Zarb with the surviving corporation shall be terminated without cause" after the merger.Aon announced last week that it would purchase Alexander & Alexander for $1.23 billion, creating one of the nation's largest insurance brokerage companies.
BUSINESS
By Timothy J. Mullaney and Timothy J. Mullaney,SUN STAFF | December 14, 1996
Aon Corp. said it will take a $100 million charge during thefirst quarter of 1997 for expenses related to the acquisition of Alexander & Alexander Services Inc.Aon spokeswoman Joan Steel would not say yesterday how much of the charge is expected to pay for severance payments to workers who will lose their jobs because of the merger. That is an especially ticklish question in Owings Mills, where Alexander & Alexander has most of its administrative operations.Analysts have said many Owings Mills departments probably do the same things as departments that already exist at Aon."
BUSINESS
By Timothy J. Mullaney and Timothy J. Mullaney,SUN STAFF | December 14, 1996
Aon Corp. said it will take a $100 million charge during thefirst quarter of 1997 for expenses related to the acquisition of Alexander & Alexander Services Inc.Aon spokeswoman Joan Steel would not say yesterday how much of the charge is expected to pay for severance payments to workers who will lose their jobs because of the merger. That is an especially ticklish question in Owings Mills, where Alexander & Alexander has most of its administrative operations.Analysts have said many Owings Mills departments probably do the same things as departments that already exist at Aon."
BUSINESS
By Timothy J. Mullaney and Timothy J. Mullaney,SUN STAFF | December 12, 1996
Ending a two-year battle to turn around a sinking company with only mixed success, Alexander & Alexander Services Inc. said yesterday that it has agreed to be acquired by Chicago-based Aon Corp. in a deal valued at $1.23 billion.Alexander & Alexander is a New York-based brokerage firm for commercial insurance but has a large office in Baltimore, and all but its most senior administrative personnel are based in Owings Mills. It employs about 670 people in metropolitan Baltimore.Under yesterday's deal, Aon will pay $17.50 in cash for each share of Alexander & Alexander common stock, or about $790 million.
BUSINESS
By Timothy J. Mullaney and Timothy J. Mullaney,SUN STAFF | October 26, 1996
Alexander & Alexander Services Inc. slipped on its comeback trail during the third quarter, posting disappointing earnings that caused the company's stock to reach a 52-week low and had the company dropping hints of more job cuts to come.The company's statement said it expects to report a fourth-quarter charge for staff reductions, especially in its U.S. brokerage operations, but a spokesman said yesterday that no cuts are planned at the New York-based company's offices in Baltimore and Owings Mills.
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