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By NEW YORK TIMES NEWS SERVICE | November 19, 2005
General Electric Co. said yesterday that it had reached a deal to sell its reinsurance business to Swiss Reinsurance Co. for $6.8 billion in cash and stock, substantially completing the company's exit from the insurance industry. GE will register a $2.8 billion after-tax loss on the sale. Swiss Re also will assume $1.7 billion in debt. The deal marks the fifth sale of an insurance business by GE since 2002 as its chief executive, Jeffrey R. Immelt, pushes for faster growth. GE Insurance Solutions of Kansas City, Mo., had net premiums of $6.2 billion last year and assets of $41.5 billion as of June.
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BUSINESS
By NEW YORK TIMES NEWS SERVICE | November 19, 2005
General Electric Co. said yesterday that it had reached a deal to sell its reinsurance business to Swiss Reinsurance Co. for $6.8 billion in cash and stock, substantially completing the company's exit from the insurance industry. GE will register a $2.8 billion after-tax loss on the sale. Swiss Re also will assume $1.7 billion in debt. The deal marks the fifth sale of an insurance business by GE since 2002 as its chief executive, Jeffrey R. Immelt, pushes for faster growth. GE Insurance Solutions of Kansas City, Mo., had net premiums of $6.2 billion last year and assets of $41.5 billion as of June.
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BUSINESS
July 8, 1994
Md. jobless claims down last weekFirst-time applications for state unemployment benefits declined last week by 21,000, to 332,000, the lowest level in nearly four months, the government reported yesterday.The Labor Department said in the report that the decrease was the biggest in 10 weeks. Most economists were expecting a much more modest decline of about 7,000.Eisner interest in CBS deal deniedExecutives close to both QVC Inc. and CBS Inc. yesterday denied reports that the chairman of Walt Disney Co., Michael Eisner, had approached them about becoming involved in their merger.
BUSINESS
By June Arney and June Arney,SUN STAFF | September 18, 2005
The future cost of homeowner insurance hangs in the balance as the damage tally from Hurricane Katrina crystallizes, but industry experts remain optimistic that any widespread rate increases will be nominal. Coastal Maryland is distant enough from the most hurricane-prone places to avoid significant leaps in homeowner coverage that might smack other coastal areas. But Maryland residents who own property in Florida or Louisiana, or other high-risk areas, should watch for those premiums to jump as much as 10 percent or 15 percent, some experts warn.
NEWS
By James P. Miller and James P. Miller,CHICAGO TRIBUNE | May 1, 2005
OMAHA, Neb. - Warren Buffett, the world's most celebrated investor, told stockholders of his Berkshire Hathaway holding company yesterday that most of the stocks and companies he looks at are overpriced. As a result, he is sitting on billions of dollars - and keeping busy in the currency markets, betting that the U.S. dollar will weaken further. He warned the nearly 20,000 stockholders at the company's annual meeting that the U.S. economy may face turbulence because of the swelling trade deficit.
BUSINESS
By Lyle Denniston and Lyle Denniston,Washington Bureau | June 29, 1993
WASHINGTON -- The state of Maryland, other states and private companies got the Supreme Court's permission yesterday to go ahead with an enormous lawsuit against the insurance industry, an antitrust claim that threatens to reach overseas, even to Lloyd's of London.The court ruled unanimously that American insurance companies are not immune to the legal challenge, and decided by a separate 5-4 vote that British insurers were not exempt from the claim, even though they operate entirely in the heavily regulated Lloyd's market in London.
BUSINESS
By Andrea K. Walker and Andrea K. Walker,SUN STAFF | January 24, 2002
The St. Paul Cos. said yesterday that it plans to lay off 50 workers from its Baltimore offices as part of a plan to cut costs and get out of unprofitable businesses, such as malpractice insurance. A considerable number of the job losses in Baltimore will be security jobs, which the company plans to outsource, said spokesman Patrick Hirigoyen. The fourth-largest U.S. business insurer is cutting 1,150 jobs company-wide, more than the 750 it had initially announced last year. Most of the cuts will come from overseas, where the St. Paul, Minn.
BUSINESS
By BLOOMBERG NEWS | March 31, 2005
NEW YORK - American International Group Inc., the world's largest insurer, said yesterday that it engaged in improper accounting that might have inflated the company's net worth by as much as 2 percent, or $1.7 billion, since 1991. AIG said in a statement yesterday that it had manipulated company accounts through transactions with reinsurers, including a subsidiary of Warren E. Buffett's Berkshire Hathaway Inc. AIG also announced that it had not yet completed an in-house review of its accounting and would have to delay filing its 2004 annual report until April 30. AIG earlier had said it expected to file the report today.
BUSINESS
By BLOOMBERG NEWS | April 29, 2005
Warren E. Buffett's annual meeting is usually a chance for the billionaire to show how the mistakes of others enrich Berkshire Hathaway Inc.'s shareholders. This weekend's gathering might focus on whether Berkshire made missteps. The annual meeting in Omaha, Neb., will be the first opportunity for many investors to ask the 74-year-old Buffett about regulatory investigations into transactions between a Berkshire unit and American International Group Inc., the world's largest insurer. Berkshire's reinsurance operations have profited for years from clients who were willing to pay for a type of coverage some credit-rating companies deemed foolish, though usually legitimate.
BUSINESS
By David Conn and David Conn,Staff Writer | June 24, 1993
Orioles affinity cards traded to MBNAThe Orioles are leaving town! But chances are, almost no one will notice this move.The Orioles VISA and MasterCards, formerly issued by Provident Bank of Maryland, have been sold to MBNA America Bank N.A., the Newark, Del., credit card giant.Customers of the affinity card program will hardly be affected by the move, says Provident President Peter Martin, but they should receive new cards (with new account numbers) this week. And there's a bonus: a new Oriole Park at Camden Yards design.
NEWS
By James P. Miller and James P. Miller,CHICAGO TRIBUNE | May 1, 2005
OMAHA, Neb. - Warren Buffett, the world's most celebrated investor, told stockholders of his Berkshire Hathaway holding company yesterday that most of the stocks and companies he looks at are overpriced. As a result, he is sitting on billions of dollars - and keeping busy in the currency markets, betting that the U.S. dollar will weaken further. He warned the nearly 20,000 stockholders at the company's annual meeting that the U.S. economy may face turbulence because of the swelling trade deficit.
BUSINESS
By BLOOMBERG NEWS | April 29, 2005
Warren E. Buffett's annual meeting is usually a chance for the billionaire to show how the mistakes of others enrich Berkshire Hathaway Inc.'s shareholders. This weekend's gathering might focus on whether Berkshire made missteps. The annual meeting in Omaha, Neb., will be the first opportunity for many investors to ask the 74-year-old Buffett about regulatory investigations into transactions between a Berkshire unit and American International Group Inc., the world's largest insurer. Berkshire's reinsurance operations have profited for years from clients who were willing to pay for a type of coverage some credit-rating companies deemed foolish, though usually legitimate.
BUSINESS
By BLOOMBERG NEWS | March 31, 2005
NEW YORK - American International Group Inc., the world's largest insurer, said yesterday that it engaged in improper accounting that might have inflated the company's net worth by as much as 2 percent, or $1.7 billion, since 1991. AIG said in a statement yesterday that it had manipulated company accounts through transactions with reinsurers, including a subsidiary of Warren E. Buffett's Berkshire Hathaway Inc. AIG also announced that it had not yet completed an in-house review of its accounting and would have to delay filing its 2004 annual report until April 30. AIG earlier had said it expected to file the report today.
BUSINESS
By BLOOMBERG NEWS | December 31, 2004
OMAHA, Neb. - Warren Buffett's Berkshire Hathaway Inc. said yesterday that the Securities and Exchange Commission requested information on insurance policies that may help companies smooth earnings. Berkshire's reinsurance unit, General Re Corp., received the request and will cooperate, the company said. The regulator is scrutinizing whether the policies, often sold to other insurers as reinsurance, disguise losses and distort earnings. The SEC's request signals that Berkshire may also get a subpoena from New York Attorney General Eliot Spitzer, who has broadened his investigation of the insurance industry beyond bid-rigging and kickbacks since starting the probe this year.
BUSINESS
By NEW YORK TIMES NEWS SERVICE | January 18, 2003
General Electric Co. reported yesterday that its profit fell 21 percent in the fourth quarter, matching the reduced forecast it made to investors in November, and the company reaffirmed its outlook for 2003. GE's shares slipped 15 cents yesterday to close at $24.88. From its closing high of $60 in late August 2000, GE's stock has fallen 60 percent, leaving investors $360 billion poorer. In a conference call with investors, Jeffrey R. Immelt, GE's chairman and chief executive, said he saw little evidence of a broad economic recovery.
BUSINESS
By Andrea K. Walker and Andrea K. Walker,SUN STAFF | January 24, 2002
The St. Paul Cos. said yesterday that it plans to lay off 50 workers from its Baltimore offices as part of a plan to cut costs and get out of unprofitable businesses, such as malpractice insurance. A considerable number of the job losses in Baltimore will be security jobs, which the company plans to outsource, said spokesman Patrick Hirigoyen. The fourth-largest U.S. business insurer is cutting 1,150 jobs company-wide, more than the 750 it had initially announced last year. Most of the cuts will come from overseas, where the St. Paul, Minn.
BUSINESS
By Timothy J. Mullaney and Timothy J. Mullaney,Staff Writer | October 1, 1993
Shares of USF&G Corp. dropped 12 percent yesterday after a key Wall Street analyst cut his estimates of the company's earnings through 1995, saying lower interest rates have cut investment returns so much the company will be hard-pressed to make its profits grow as fast as once expected.Steven Gavios of Kidder Peabody & Co. insisted, however, that the setback does not mean derailment of the recovery at the Baltimore insurance giant, which laid off more than 2,000 workers in a sharp restructuring that followed the hiring of Norman P. Blake Jr. as chief executive in November 1990.
BUSINESS
By NEW YORK TIMES NEWS SERVICE | January 18, 2003
General Electric Co. reported yesterday that its profit fell 21 percent in the fourth quarter, matching the reduced forecast it made to investors in November, and the company reaffirmed its outlook for 2003. GE's shares slipped 15 cents yesterday to close at $24.88. From its closing high of $60 in late August 2000, GE's stock has fallen 60 percent, leaving investors $360 billion poorer. In a conference call with investors, Jeffrey R. Immelt, GE's chairman and chief executive, said he saw little evidence of a broad economic recovery.
BUSINESS
By BLOOMBERG NEWS | June 20, 1998
OMAHA, Neb. -- Berkshire Hathaway Inc., the investment vehicle of billionaire Warren E. Buffett, said yesterday that it will pay $22 billion in stock for General Re Corp., the largest U.S. reinsurance company, creating one of the largest reinsurers in -- the world.The transaction values General Re at about $283.15 a share, or a 29 percent premium to its closing price of $220.25. General Re fell $3.875 in trading before the companies announced their merger.Berkshire will trade 0.0035 of its Class A shares or 0.105 of its B shares for each share of the Stamford, Conn.
BUSINESS
By BLOOMBERG BUSINESS NEWS | September 5, 1996
LONDON -- Britain's Department of Trade and Industry yesterday approved Equitas, a reinsurance company set up by Lloyd's of London to facilitate its reorganization.The regulatory agency said the reinsurer has met all conditions set when it was authorized in March, including having adequate funds provided by Lloyd's. The insurance market set up the reinsurer to take on all its investors' pre-1993 liabilities as part of its recovery plan.The approval marks the final stage in Lloyd's 3.2 billion-pound ($5 billion)
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