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By Ross Hetrick and Ross Hetrick,Evening Sun Staff | April 5, 1991
USF&G Corp., the Baltimore-based insurance company, is getting back to basics and forgoing much of its diversification efforts of the 1980s, according to Norman P. Blake, who is chairman, president and chief executive officer."
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BUSINESS
By Laura Smitherman and Laura Smitherman,Sun reporter | February 7, 2007
Allstate Corp. and other insurers could be forced to write homeowner policies throughout Maryland, including coastal areas where some companies have pulled out, under legislation being drafted in the General Assembly. Del. David D. Rudolph, vice chairman of the House Economic Matters Committee, said yesterday that he plans to introduce the bill but that specific language has yet to be worked out. Rudolph said he is responding in part to Allstate's announcement in December that it would stop writing new homeowner policies in the state's coastal areas.
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BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | October 25, 1995
Boosted by an increase in its life insurance and property and casualty businesses, USF&G Corp.'s operating earnings jumped 17.5 percent in the third quarter and 35.6 percent for the first nine months of the year, the company said yesterday.Operating earnings grew to $47 million, or 35 cents a share, for the quarter, and $131 million, or 99 cents a share, for the nine-month period."It was another good quarter for us in line with analyst expectations," said Dan Hale, the Baltimore-based insurer's chief financial officer.
NEWS
By Andrew A. Green and Andrew A. Green,SUN STAFF | May 12, 2004
A Washington law firm filed suit yesterday in federal court on behalf of thousands of Tropical Storm Isabel victims, alleging that seven insurance companies systematically sought to shortchange flood policyholders. The class action suit, apparently the first ever to target private insurance companies for their handling of policies from the federal government's flood insurance program, claims that victims were coerced to sign "proof of loss" forms that understated their damages. The suit also alleges that the insurance companies employed price guidelines that significantly underestimated the cost of labor and materials.
BUSINESS
By Peter H. Frank | March 26, 1991
USF&G Corp., less than two weeks after announcing it was suspending most of its business in Texas, said yesterday that it also would stop selling property and casualty insurance in Louisiana.The Baltimore-based insurance giant said the decision was part of a continuing attempt to leave unprofitable markets and retool basic operations in the wake of a $610 million loss during last year's fourth quarter.USF&G's property and casualty operations lost $325 million in Louisiana during the last 10 years, the company said.
BUSINESS
By BLOOMBERG NEWS | October 14, 1997
NEW YORK -- Travelers Group Inc. said yesterday that third-quarter operating earnings climbed 29 percent, led by profit at its Smith Barney Inc. brokerage and in its property and casualty insurance business.Profit excluding gains from investment sales rose to a record $740.8 million, or $1.12 a share, from $576.1 million, or 86 cents, a year earlier.The latest earnings beat the expected $1.01-a-share forecast in an IBES International survey. Travelers shares gained 81.25 cents to close at $75.3125 on the New York Stock Exchange.
BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | January 30, 1997
USF&G Corp.'s operating income jumped 20 percent in the fourth quarter, but it was flat for the full year, hampered by losses from a freak windstorm in Arizona and Hurricane Fran, the company said yesterday.The Baltimore-based property, casualty and life insurer with $14.5 billion in assets, said operating income was $60 million, or 48 cents per primary share, in the quarter ended Dec. 31, 1996, compared with $50 million, or 39 cents, during the corresponding period a year earlier."I thought the quarter earnings were very solid, in line with our expectations, despite the reduction in premium volume," said Steven A. Gavios, an equity analyst with New York-based Bear, Stearns & Co.USF&G's stock closed at $20.625 a share yesterday, down 12.5 cents.
BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | January 13, 1999
Aegon USA Inc., the Baltimore unit of Dutch insurance giant Aegon NV, said yesterday that it signed a definitive agreement to sell auto insurer Worldwide Insurance Co. and its property and casualty subsidiaries.Aegon USA said it will sell the company to Cincinnati-based American Financial Group for $162 million.The sale is expected to close at the end of March, and it is subject to regulatory approvals.Aegon USA decided to sell Worldwide because it didn't fit with the company's product line.
BUSINESS
By Ted Shelsby and Ted Shelsby,Staff Writer | December 11, 1992
The Penn Central Corp. announced yesterday that it intend to sell all of its non-insurance operating units, including the Vitro Corp., the company's large defense operations in Silver Spring.Vitro, which has about 1,600 employees at the Maryland complex, is involved in systems and software engineering services to the Navy, Air Force, Army and the National Aeronautical and Space Administration.Philip A. Hagel, vice president and treasurer of Penn Central, said the Navy was Vitro's biggest contractor.
BUSINESS
By Ross Hetrick and Ross Hetrick,Evening Sun Staff | March 26, 1991
Less than two weeks after saying that it was pulling out of Texas, the Baltimore-based USF&G Corp. announced yesterday that it will stop offering property and casualty insurance in neighboring Louisiana.The action will eliminate the jobs of 205 USF&G employees in Louisiana over the next two to three years. Also affected are 92 independent agents who offer USF&G insurance. "We sincerely regret the impact that this decision will ultimately have on our loyal Louisiana employees and their families, and we will make every effort to treat them fairly," USF&G said in a prepared statement.
NEWS
July 29, 2002
New principals will matter for failing schools I was disappointed to read The Sun's negative reaction to state Superintendent Nancy S. Grasmick's plan to put high-powered principals in failing schools and raise their salary to $125,000 ("A matter of principal," editorial, July 19). As a substitute teacher in the Howard County public school system and adjunct economics instructor at Howard Community College, I have followed the lack of progress on education with considerable interest over the years.
BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | August 3, 2000
Farmers Insurance Group will close an insurance call center in Timonium by year-end, a move that will eliminate 114 jobs, a company official said yesterday. Carol Siegfried, Farmers' president of group distribution, said the Los Angeles-based insurer is shifting the work to Grand Rapids, Mich., where it operates another call center. "It is a financial decision," said Siegfried, who declined to disclose how much the company will save by closing the center. Employees were told of the plans late last week, and job cuts will begin Oct. 1 in a "gradual transition," Siegfried said.
BUSINESS
By Shanon D. Murray and Shanon D. Murray,SUN STAFF | October 3, 1999
The agitation felt when shopping for auto or homeowners' insurance can be eased by following a basic rule of thumb -- determine precisely what coverage you are seeking, and then shop around. Consumers who don't do their research may pay higher premiums or end up underinsured, the experts say."When shopping for insurance, it's not always good to just look for the lower price. It's important to shop for quality," says Sheila Stevens, an insurance agent for 12 years who opened her own agency, SIS Insurance Agency, two years ago in Baltimore County.
BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | January 13, 1999
Aegon USA Inc., the Baltimore unit of Dutch insurance giant Aegon NV, said yesterday that it signed a definitive agreement to sell auto insurer Worldwide Insurance Co. and its property and casualty subsidiaries.Aegon USA said it will sell the company to Cincinnati-based American Financial Group for $162 million.The sale is expected to close at the end of March, and it is subject to regulatory approvals.Aegon USA decided to sell Worldwide because it didn't fit with the company's product line.
BUSINESS
By BLOOMBERG NEWS | April 21, 1998
NEW YORK -- Travelers Group Inc., the No. 2 U.S. financial services company, said yesterday that its first-quarter earnings rose a bigger-than-expected 25 percent, led by gains in its Salomon Smith Barney Inc. securities unit.Travelers, which agreed two weeks ago to a $70 billion merger with Citicorp to form the world's biggest financial company, said profit excluding gains from investment sales rose to a record $1.01 billion, or 84 cents a diluted share, from $806.2 million, or 66 cents, a year ago.Profit exceeded the 76 cents that analysts expected, according to First Call Corp.
BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | February 6, 1998
Less than three weeks after its board of directors agreed to sell the company, USF&G Corp. reported an 11 percent decline in fourth-quarter operating income, the company said yesterday.Operating income slid to $54 million in the quarter ended Dec. 31, or 42 cents a share, compared with $60 million, or 45 cents a share, a year earlier.Norman P. Blake Jr., chairman and chief executive, blamed the decline on stiff competition in the property and casualty business, and increased tax liabilities.
BUSINESS
By Peter H. Frank | April 4, 1991
USF&G Corp., which has already announced plans to shut its Texas and Louisiana branches, will be merging 14 additional offices this year and laying off hundreds more workers as part of a companywide reorganization aimed at curbing losses and reshaping the giant Baltimore-based insurer.The company is expected to announce as early as this morning many, if not all, of the details in its latest restructuring efforts, which include this second round of layoffs.Initial reductions came in January when USF&G let go 900 workers nationwide, including 360 employees in its headquarters.
BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | July 25, 1996
Despite intense competition, USF&G Corp. saw its earnings from operations grow 20 percent in the second quarter, and its net income jumped 46 percent, the insurer said yesterday.The company earned $54 million from operations in the second quarter ended June 30, or 41 cents a share, compared with operating earnings of $45 million, or 34 cents a share, for the same period last year."Our business trends are very encouraging," said Norman P. Blake Jr., chairman and chief executive of the $14.6 billion-assets company, which is based in Baltimore.
NEWS
January 21, 1998
BY SUMMER, USF&G Corp. will no longer be a major publicly held company based in Baltimore. The city's largest property and casualty insurer is being merged into St. Paul Cos. For Baltimore, this change is unsettling, but it does not have to be bad news.USF&G will join a long list of home-grown firms -- Alex. Brown & Sons, Noxell, A. S. Abell Co. -- acquired by or merged into out-of-town companies. With corporate merger activity at its highest levels in a century, the list of companies with local headquarters dwindles.
BUSINESS
By BLOOMBERG NEWS | October 14, 1997
NEW YORK -- Travelers Group Inc. said yesterday that third-quarter operating earnings climbed 29 percent, led by profit at its Smith Barney Inc. brokerage and in its property and casualty insurance business.Profit excluding gains from investment sales rose to a record $740.8 million, or $1.12 a share, from $576.1 million, or 86 cents, a year earlier.The latest earnings beat the expected $1.01-a-share forecast in an IBES International survey. Travelers shares gained 81.25 cents to close at $75.3125 on the New York Stock Exchange.
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