Best's Review articles from January 2004

Best's Review archives from January 2004

Enduring quality.(Editor's Prologue)
January 1, 2004... To be outstanding for a while is difficult; to do it for a long time is nearly impossible. Our cover story this month reveals 15 property/casualty insurance companies that have maintained a Best's Rating of A+ or higher for the past 50 years....

The medicine vs. the disease.(Comment)(Letter to the Editor)
January 1, 2004... Your November 2003 issue highlights insurance fraud and provides compelling testimony for the proposition that insurance is a massively defective product. Best's Review's exposition of the extent and multiplicity of insurance frauds goes a long...

In the spotlight *.
January 1, 2004... "We are now in the fourth year of a firm market, and in my experience, this has been the longest firm market I have seen. That was probably necessary because the soft market of the 1990s was also the longest soft market I have seen." *...

Republic Group of Insurance Cos.(People in Insurance)(Brief Article)
January 1, 2004... Republic Group of Insurance Cos. has named Parker W. Rush president and chief executive officer. Rush's appointment follows a search for a permanent successor to CEO Bruce Milligan, who died unexpectedly Aug. 30. Bruce W. Schnitzer, who...

New York Life Insurance Co.(People in Insurance)(Brief Article)
January 1, 2004... The board of New York Life Insurance Co. has approved the formation of an office of the chairman, effective Jan. 1 2004. Frederick J. Sievert, president of New York Life, joins Sy Sternberg, chairman and chief executive officer, in the newly...

Aon Corp.(People in Insurance)
January 1, 2004... Philip Gore-Randall has joined Aon Corp. as chief executive officer of Aon Risk Services UK and will become a member of the board of Aon UK. Before joining Aon, Gore-Randall was managing partner, global operations at Andersen. Gore-Randall...

Reinsurance market's 'almost pirates' mark 10 years in hot-spot Bermuda.(Highlights from BestWeek)
January 1, 2004... Ten years after the strike of Hurricane Andrew precipitated the expansion of Bermuda's reinsurance market, the market's major players report they are still relatively unencumbered by significant exposures and once again are benefiting from the...

Axa Financial.(People in Insurance)(Brief Article)
January 1, 2004... Axa Financial Inc. has named Laura Pantaleo senior vice president and head of business development for its strategic distribution services unit, effective Jan. 2, 2004. as Pantaleo has more than 20 years of financial-services experience....

Skandia Insurance Co.(People in Insurance)(Brief Article)
January 1, 2004... Hans-Erik Andersson has been named president and chief executive officer of Skandia Insurance Co., effective Jan. 1, 2004. He is currently the Nordic region chairman for Marsh & McLennan Cos. Andersson worked for Skandia International from...

Scor.(People in Insurance)(Brief Article)
January 1, 2004... The Scor board has appointed Henry Klecan Jr. president and chief executive officer of Scor U.S. Klecan has been president and CEO of Scor Canada since July 2000 and will continue in that position. Klecan, 52, has been active in the...

China market shows great potential.(By the Numbers)(Chinese insurance industry)
January 1, 2004... China's entry into the World Trade Organization is viewed as a catalyst for change in the insurance business, according to Benfield Group Ltd.'s study, "China Insurance Market Review." In 2001,31 companies sold insurance in China; as of June...

Meetings.(Highlights from BestWeek)(insurance industry)(Brief Article)(Calendar)
January 1, 2004... Jan. 25-28: American Bankers Association, Insurance Risk Management Conference, The Wigwam Resort, Phoenix. Phone: (202) 663-5196 Web site: www.aba.com Feb. 2-4: National Association of Insurance Commissioners, Market Conduct...

NAIC's 2004 budget surplus questioned.(Highlights from BestWeek)(National Association of Insurance Commissioners)(Brief Article)
January 1, 2004... The National Association of Insurance Commissioners has approved a 2004 budget with a projected $2.3 million surplus the industry doesn't think it needs. The NAIC general fund budget calls for projected revenue of $57.6 million, a 5.6%...

Insurers prepare for claims relating to influenza viruses.(Highlights from BestWeek)
January 1, 2004... The influenza virus, which causes an epidemic nearly every year, has the healthcare industry scrambling this 2003-2004 season as it prepares for an unexpected strain that might cause double the average number of flu-related deaths. ...

Experts forecast active hurricane season.(Highlights from BestWeek)(Brief Article)
January 1, 2004... Weather-risk experts say the 2004 hurricane season will be an active one for the Atlantic Coast areas of the United States and the Caribbean, with a London-based forecaster anticipating four strikes by tropical systems on the United States. ...

China Life initial public offering reaches $3.5 billion level.(Highlights from BestWeek)(China Life Insurance Co. Ltd. )
January 1, 2004... Investors came in droves to get in on the initial public offering of China's largest life insurer, overwhelming the subscription allotment and leading the company to price its stock at the high end of its advertised range. China Life...

General Accounting Office denies protest.(Highlights from BestWeek)(Sierra Health Services Inc.)(Brief Article)
January 1, 2004... Sierra Health Services Inc. said the U.S. General Accounting Office has denied the company's protest against contract awards for the Defense Department's Tricare health-benefits program, but the insurer said it might take its case to the...

Study: employees carry burden of hikes.(Highlights from BestWeek)(Brief Article)
January 1, 2004... The rate of increase in health-benefit costs fell to 10.1% in 2003 as employers raised employees' portion of their premium and cut benefits, according to a survey by Mercer Human Resource Consulting. A year ago, employers faced an...

Best's Rating Changes.(Ratings)(Illustration)
January 1, 2004... This summary of Best's Rating Changes includes life, health-care and property/casualty insurers domiciled in North America, as well as international insurers, that had ratings assigned, changed or placed under review since this section last...

Guide to best's financial strength ratings.(Ratings)
January 1, 2004... GUIDE TO BEST'S FINANCIAL STRENGTH RATINGS A Best's Rating is an independent opinion, based on a comprehensive quantitative and qualitative evaluation, of a company's balance sheet strength, operating performance and business profile....

Standing the test of time: fifteen property/casualty insurers have managed a remarkable feat--maintaining a Best's Rating of A+ or higher for the past 50 years.(Cover Story)
January 1, 2004... Experts in athletic performance call endurance "strength over time." In financial services, it's a challenge to find an organization that has managed to sustain the highest Best's Ratings for more than a decade--let alone five decades. In the...

A good fit: AIU's business expertise flourishes as part of American International Group.( )(Company Profile)(Cover Story)
January 1, 2004... A strong company from its start in 1913, property and casualty insurer AIU Insurance Co. has maintained a positive financial track record that attracted one of the world's largest insurance companies--American International Group. AIG eyed...

Choice company: being selective about its customers is key to Alfa Mutual's success.(Company Profile)
January 1, 2004... Cherry-picking is an unflattering description in some circles, but for Alfa Mutual Insurance Co. it's been one ingredient of the company's success for the past 50 years. The automobile writer even has been known to act counter to its...

Five-point plan: Amica Mutual shares its success with policyholders, giving them dividends for more than 90 consecutive years.
January 1, 2004... Amica Mutual Insurance Co. has a customer-centric financial strategy that has paid off in loyalty measured in a customer retention rate that surpasses 95%. For nearly a century, the Providence, R.I.-based company has prided itself on...

The specialists: the Chubb Corp. credits its success to excelling in the niche markets it knows well, rather than growing by writing mediocre business outside its specialties.(Company Profile)
January 1, 2004... Since its founding, the Chubb organization has valued performance over size. "Simply put, our objective is to make money," said Thomas F. Motamed, vice chairman and chief operating officer of The Chubb Corp. "We probably could have been a...

Protecting the faithful: Church Mutual succeeds by staying within its competencies.(Church Mutual Insurance Co.)(Company Profile)
January 1, 2004... For 106 years, Church Mutual Insurance Co. has focused almost exclusively on protecting America's faith communities. It is one of only 15 companies and only three unaffiliated companies to be ranked A+ or higher by A.M. Best for the past...

Reality check: General Reinsurance Corp. balances long-tail risks with quick responses to market changes.(Company Profile)
January 1, 2004... Ranked as one of the top four global reinsurers, General Reinsurance Corp. has a long history of assuming property/casualty risks from primary insurers. General Reinsurance Corp. began in 1921 as General Casualty and Surety Reinsurance...

Just the right size: Lititz Mutual seeks to manage growth in tough homeowners market.(Lititz Mutual Insurance Co.)(Company Profile)
January 1, 2004... Nestled in the heart of Pennsylvania Dutch country in Lancaster, Pa., Lititz Mutual Insurance Co. has been selling insurance to farmers and others since 1888, when the mutual was founded by 25 residents who needed insurance for their farm...

Profiting from experience: Nationwide Mutual's success formula is simple: manage risks and know your customers.(Nationwide Mutual Insurance Co.)(Company Profile)
January 1, 2004... In 1926, a group of Ohio farmers, who believed they were being overcharged for auto insurance, set out to form their own insurance company. With a $10,000 loan, three employees and a one-room office in downtown Columbus, Ohio, the Farm Bureau...

Quality vs. quantity: Otsego Mutual owes its big success to a downsized approach.(Otsego Mutual Fire Insurance Co. )(Company Profile)
January 1, 2004... Otsego Mutual Fire Insurance Co. may forgo big buildings, a big staff and a big presence, but it's never given up on its big dreams. "Our goal has always been to be strong financially, not necessarily big physically," said President Kelley...

Keep 'em coming back: one reason for Pharmacists Mutual's success is its extremely high retention rate--more than 90%.(Company Profile)(Cover Story)
January 1, 2004... In 1898, a young pharmacist named Albert Falkenhainer settled in the tiny village of Titonka, Iowa, and opened a drug store, the town's first business. It burned down shortly thereafter, and led Falkenhainer to open a second business in 1909:...

A disciplined approach: Quincy Mutual Fire Insurance Co. puts a premium on strong investment returns while eschewing expansion.(Company Profile)
January 1, 2004... Quincy Mutual Fire Insurance I Co. probably wouldn't excite Wall Streeters, but it has made A lasting impression on people who rate its ability to meet ongoing obligations to policyholders. That's because the Quincy, Mass.-based...

All for one: State Auto's employees share the company's goal of making a profit on every account, in every line and in every state.(State Automobile Mutual Insurance Co.)(Company Profile)
January 1, 2004... Underwriting profit is so important to State Automobile Mutual Insurance Co. that every employee at the company not only knows what an underwriting profit means, but also can tell you how the company is performing. "We all rise and fall...

The agent advantage: State Farm gives its agents credit for its success.
January 1, 2004... State Farm Group, the largest personal lines writer in the country, says its strength comes from its sales force of captive agents. "Our unique business partnership with our agents has driven the success," said Edward B. Rust Jr., chairman...

Accentuating the possible: insurers look to 2004 with hopes for a more stable property/casualty market, expectations for newly merged competitors in the life market and a multimarket awareness of the need to control health-care costs.(Industry Strategies)(Industry Overview)
January 1, 2004... Coming from a year of fighting to survive in a difficult financial environment that has been building for several years, insurance industry leaders predict some of the developments and steps taken in 2003 will serve them well in 2004. Yet,...

Call to action: Mergers, catastrophes, new laws and a Supreme Court ruling in 2003 shape the insurance landscape for 2004.(Top News Stories)(Brief Article)
January 1, 2004... Although the issues have evolved from years past, 2003 was a time of action on several fronts for the insurance industry. Market demands and the need for capital strength and diverse distribution were some of the drivers that forged mergers and...

California comp market flirts with chaos.(Top News Stories)
January 1, 2004... California's chaotic $29 billion workers' compensation market might finally reach stability, if reforms passed in 2003, and others still under debate by the state Legislature, have their planned effect. But as one of the driving issues behind...

Small cats total big losses in 2003.(Top News Stories)(catastrophes)
January 1, 2004... Insurers learned last year that it doesn't necessarily take an event like the Sept. 11 terrorist attacks or Hurricane Andrew to produce major catastrophe losses. A seemingly endless stream of smaller catastrophes, from fires to hurricanes to...

Economy spurs insurers to merge, acquire.(Top News Stories)
January 1, 2004... Conditions for mergers and acquisitions became favorable again in 2003 for North American insurers after a couple of years of pain and turmoil in the industry. Last year's deals included Sun Life Financial and Clarica Life, Great-West Life and...

Mergers realign industry lineup.(Top News Stories)
January 1, 2004... Four major insurers announced merger plans during the latter part of 2003 that will create two of the largest entities across the industry. In October 2003, WellPoint Health Networks Inc., based in Thousand Oaks, Calif., and...

High court rules on punitive damages.(Top News Stories)
January 1, 2004... Twice during 2003, the U.S. Supreme Court sent a clear message to lower courts handing out massive punitive damage awards: Such large judgments are unconstitutional, and they'll be struck down. That's a huge benefit to insurance companies...

Blues' conversion not so easy anymore. (Blue Cross/Blue Shield).(Top News Stories)
January 1, 2004... After years of successful conversions by nonprofit Blues plans, the rejection of Maryland-based CareFirst, Inc.'s request to convert last March was a clear signal that regulators and consumers are now closely scrutinizing the transactions....

Medicare overhaul bill passes.(Top News Stories)
January 1, 2004... After months of fighting among Republicans and Democrats, Congress has passed the most sweeping revision of the Medicare program in its 38-year history. The most controversial part of the program--and the one most favorable to insurers--is the...

Credit scoring laws gain ground.(Top News Stories)
January 1, 2004... Credit-based insurance scoring--insurers' use of credit information to help set premiums and select risks--has been a hotly contested issue on the personal lines front for several years. In 2002 alone, some 30 bills were up for consideration in...

Medical-liability reform stalls.(Top News Stories)
January 1, 2004... While a January speech by President George Bush suggested the medical-liability crisis would see solutions in 2003, political and economic events left physicians still scrambling for coverage, paying higher premiums, leaving one state for...

Asbestos bill still alive.(Top News Stories)
January 1, 2004... To use an old sports saying, insurers didn't lose the game, they just ran out of time when it came to getting Congress to pass an asbestos lawsuit reform bill in 2003. While the top Republican in the U.S. Senate, Bill Frist of Tennessee,...

Out on a limb: market conditions are making it more difficult for agents to obtain E&O coverage.(Errors & Omissions)
January 1, 2004... Insurance agents have long been in the business of selling protection, yet now many are finding it harder and pricier to buy their own protection in the form of errors and omissions coverage. Their frustration levels run high with this...

Defining details. (errors and omissions coverage).(Errors & Omissions)
January 1, 2004... The law firm Cozen O'Connor represents carriers that provide errors and omissions coverage for life agents. In doing so, these insurers are making a greater effort nowadays to advise agents on some simple steps they can take to avoid most...

E&O pitfalls.(Errors & Omissions)
January 1, 2004... Rockwood Programs Inc., a managing general agent based in Wilmington, Del., focuses on the production and underwriting of specialty liability insurance lines, such as employment practices liability insurance and insurance agents errors and...

Making more of the middle: insurers must apply a hybrid approach to succeed in a relatively untapped layer of the commercial market.(Underwriting Insight)(Column)
January 1, 2004... As children, we learn that blue and yellow are primary colors individual and apart from each other. Blended, they form a new color, green. Green has elements of blue and yellow, and can vary in shade depending on the ratio of its components,...

Safeco reaches out to small-business market.(Marketplace)(Brief Article)
January 1, 2004... Safeco Business Insurance has expanded its online sales platform for agents to help them sell workers' compensation insurance to small businesses. The update means agents can go online to quote, bind and instantly issue all of the...

The Hartford launches online shopping protection.(Marketplace)(Brief Article)
January 1, 2004... The Hartford Financial Services Group and buySAFE Inc. launched buySAFE with The Hartford to address online auction risks. The new service combines technology. with surety bonds. With online retail sales in 2003 projected to reach $100 billion,...

Allstate signs celebrity to new ads.(Marketplace)(Allstate Insurance Co. introduces new national advertising campaign featuring actor Dennis Haysbert)(Brief Article)
January 1, 2004... Allstate Insurance Co. rolled out a new national advertising campaign at the end of 2003, featuring actor Dennis Haysbert. The "Our Stand" ad campaign features a consumer-related theme. The television ads, featuring Haysbert, premiered in...

A credible approach: credit-based insurance scoring is an accurate tool that can expand business and keep it strong.(Selling Insight)
January 1, 2004... The question ringing in the ears of many independent agents across the country these days is "what does credit history have to do with insurance coverage?" According to a study by Conning Research and Consulting Inc., more than 90% of insurance...

How's my accounting? (ethics hotline from The Network Inc.)(Loss/Risk Management Notes)(Brief Article)
January 1, 2004... Companies looking for a mechanism for employees to remain anonymous when reporting concerns about accounting or auditing irregularities--a requirement under Sarbanes-Oxley Act of 2002--can contract with an "ethics hotline" to provide the...

Students, doctors, attorneys most likely to have accidents.(Loss/Risk Management Notes)(Brief Article)
January 1, 2004... Students, medical doctors and attorneys are three occupations most often involved in traffic accidents, according to Quality Planning Corp., a San Francisco-based consultant company. Rounding out the top five occupations likely to be involved...

Study: employee injuries drop, but costs keep rising.(Loss/Risk Management Notes)(Brief Article)
January 1, 2004... While the number of injuries in U.S. workplaces is falling, the cost of those injuries is rising, according to a study by Liberty Mutual, the country's largest workers' compensation writer. The financial burden of serious work-related...

Moving toward alignment: a combination of strategy, process, organization and technology is key to unlocking the power of a company's information.(Loss/Risk Management Notes)
January 1, 2004... The mid-1990s were overrun by information technology advances and produced a number of attempts at "getting the right information to the right people at the right time." One global insurer charged a senior IT executive with implementing a data...

Fulfilling special needs: insurers are playing a critical role in helping families with children with special needs meet the emotional and financially challenging task of planning for the future.(Financial Planning)
January 1, 2004... Like every mother, Nadine Vogel worries about her children's future. But she may have more to worry about than the typical mother. Her older daughter, now 12, was born with a neuromuscular disorder, and will always need special care for...

E-volutionizing health insurance: technology is driving Humana's success as a health-plan leader and serving as a backbone in its approach to consumer-centric health care.(Health)(Company Profile)
January 1, 2004... Humana Inc.'s company motto, "Guidance when yon need it most," is the foundation of its customer-centric approach to health care. Combining the company's efforts to engage consumers in their own care with a strong information technology system...

The individualized approach.(Health)(discusses Humana Inc.'s HumanaOne plan)
January 1, 2004... Humana Inc. recently extended its reach into the individual insurance market to offer consumers affordable health coverage and greater choice and flexibility. In June 2002, the company introduced its first large-scale entry into the...

Providing the personal touch.(Health)(Humana's Personal Nurse service aims to guide members through the healthcare system)
January 1, 2004... Humana Personal Nurses are making a difference--just ask a woman faced with various health problems, including diabetes and ulcerative colitis, who is now on the right track to managing her conditions, thanks to the guidance of one of the...

All-in-one technology. (HumanaAccess MasterCard).(Health)
January 1, 2004... Technology is making Humana flexible spending as easy as a swipe of the card. In 2002, the company began offering the HumanaAccess MasterCard to its employees who are plan members with flexible-spending-account and/or health-reimbursement...

Something to smile about.(Health)(profile of HumanaDental)(Company Profile)
January 1, 2004... HumanaDental's growth over the past 25 years into one of the largest dental benefits plans in the country is giving the company something to smile about. Today, the dental insurance subsidiary of Humana Inc. serves more than 2.1 million members...

The birth of a legendary building. (Humana Inc.'s headquarters, Louisville, Kentucky).(Health)
January 1, 2004... Hailed by Time magazine as the "Building of the Decade" in the 1980s, the Humana building has become a legend in its own time. The creation of the health plan's highly recognized headquarters, located in Louisville, Ky., began in January...

Pulling it together: high-risk pools can manage HIPAA compliance costs by taking a step-by-step approach. (Health Insurance Portability and Accountability Act).(Group Health)
January 1, 2004... Public policy is struggling to preserve a free and stable market for health-care insurance while assuring the availability of affordable coverage for the uninsured. Of special concern are those individuals who aren't eligible for Medicaid or...

New life & annuity products emphasize better guarantees.(Marketplace)(Brief Article)
January 1, 2004... In recent product introductions, life insurance and variable annuity writers have sought to entice buyers with guarantees, especially for living benefits. Prudential Annuities, the domestic annuity arm of Prudential Financial Inc., has...

New living benefits drive variable annuity sales.(Marketplace)(Brief Article)
January 1, 2004... The introduction of competitive variable-annuity living-benefit guarantees in 2003 has led to significant sales increases for the industry's larger players and sales declines for most other companies unable to offer such competitive benefits,...

IMSA produces consumer brochure to offer long-term-care information. (Insurance Marketplace Standards Association).(Marketplace)(Brief Article)
January 1, 2004... The Insurance Marketplace Standards Association has created a 12-page consumer brochure on who should consider long-term-care insurance and what their options are. It is free online from the ethics watchdog group at www.IMSAethics.org, and...

Making the foreign familiar: insurers can reap great benefits by successfully cross-selling life products through property/casualty agents and advisers.(Selling Insight)
January 1, 2004... Some recipes for cross-selling failure could include "build a great product and they will come" and LI "money talks--advisers will sell whatever you pay them to sell." History offers few examples of clear success in cross-selling, and many...

The IAS learning curve: the imminent arrival of international accounting standards has profound business implications for insurers.(Underwriting Insight)
January 1, 2004... Enormous challenges lie ahead as the life industry prepares to adopt international accounting standards, now officially known as international financial reporting standards. The standards will represent a fundamental new financial management...

The right equipment: out of necessity, pragmatism or opportunity, reinsurers are developing primary business with ready-made software.(Reinsurance)(Industry Overview)
January 1, 2004... The trend over the past two years has been for reinsurers to write more primary business--often with the help of ready-made software solutions. The Reinsurance Association of America reported that reinsurers wrote $3.82 billion of direct...

Virus tops list of dangers: insurance technologists surveyed name the events most likely to stall operations.(E-Fusion 2003)
January 1, 2004... A network virus has the biggest potential to disrupt insurers' technology operations, according to an electronic survey of insurance professionals who attended A.M. Best Co.'s Insurance & Technology conference, E-Fusion 2003, in September. ...

Put your money where your growth is: strategic spending on IT in 2004 is necessary to prepare insurers for the next growth cycle. The question is: which strategy?(Technology Investment)
January 1, 2004... The insurance industry is well poised for the next growth cycle, with established distribution channels, favorable product positioning and a cache of rich customer information. This positive outlook is amid a backdrop of negative performance,...

Transcending market cycles: new technologies can help carriers with the underwriting process, thus freeing underwriters to pursue profitable growth and control risk exposure.(Technology Insight)
January 1, 2004... Underwriting organizations are plagued by poor quality of captured data, lack of a collaborative work environment and an unstructured approach to the underwriting process, all of which inhibit underwriters' ability to effectively select, price...

CIGNA.(Technology Notes)(Brief Article)
January 1, 2004... Web news you can use CIGNA recently announced the availability of Spanish-language capabilities on myCIGNA.com, the company's personalized benefits Web portal. Members now can access the most up-to-date information on network physicians,...

The Hartford Financial Services Group Inc.(Technology Notes)(Brief Article)
January 1, 2004... The Hartford Financial Services Group Inc. launched its expanded Center for Ability, a Web-based, searchable repository of information available through the company's secure Employer View and Producer View Web sites. Users can search for...

Safeco.(Technology Notes)(Brief Article)
January 1, 2004... Safeco unveiled plans for a single, unified Web-based technology platform that will make it faster and easier for independent distributors to quote and sell all of the company's commercial and personal insurance product lines. A pilot project...

Travelers Property Casualty Corp.(Technology Notes)(Brief Article)
January 1, 2004... Travelers Property Casualty Corp. announced it is one of the first carriers to participate with AMS Services Inc. in the implementation of Carrier Passport, an expansion of TransactNOW that provides automated sign-on and real-time navigation...

Survey: companies are poorly prepared for security.(Technology)
January 1, 2004... As privacy issues become more closely regulated on both a state and a federal level, a new industry survey shows insurance executives believe more needs to be done to meet the priorities of the new business climate. According to a survey...

Chubb CEO Finnegan elected chairman of the board.(Companies)(Brief Article)
January 1, 2004... Chubb Corp has elected Chief Executive Officer John D. Finnegan to the additional position of chairman of the board, bringing him to the same level as his predecessor, Dean O'Hare. In his new position, Finnegan succeeds Joel J. Cohen, who...

Aspen Insurance Holdings IPO gains momentum on first day.(Companies)(Brief Article)
January 1, 2004... Bermuda-based Aspen Insurance Holdings Ltd. launched an initial public offering of 10.5 million shares on Dec. 4, raising almost $240 million for general corporate purposes. The offering by Aspen, which began trading on the New York Stock...

Cigna launches life insurance joint venture in China.(Companies)
January 1, 2004... Cigna Corp. said its new life insurance joint venture in China is up and running, more than a year after the Philadelphia-based insurer won approval to sell life insurance in the country. The joint venture, Cigna & CMC Life Insurance Co....

GE plans spin-off of insurance assets.(Companies)(to spin off half of its insurance assets through an initial public offering for a new company called Genworth Financial Inc )(Brief Article)
January 1, 2004... General Electric Co., the world's largest transnational corporation, plans to spin off roughly half of its insurance assets through an initial public offering to be scheduled in the first half of 2004 for a new company called Genworth Financial...