PennCorp seeks to score by reversing field
Article Abstract:
PennCorp Financial Group Inc. had previously followed the strategy of expanding its assets by quickly purchasing 14 insurance firms. The company, as a result of that strategy, saw its assets increase to $6.6 billion at one point. PennCorp also posted a growth in earnings that attracted numerous investors. However, the company's planned purchase of Washington National Corp. collapsed in 1997. PennCorp is now attempting to terminate its role as an acquirer and streamline its sundry insurers.
Comment:
Attempting to terminate its role as an acquirer and streamline its sundry insurers
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1998
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AIG ad starring heap of tires draws suit
Article Abstract:
American International Group (AIG) is being sued in California's Superior Court in Martinez, Calif. by a tire recycler's landlord. The tire recycler, an AIG policy holder, went bankrupt leaving 10,000 tires to its landlord. AIG denied the claim arguing the tires themselves were not pollutants as defined by the policy. The landlord's suit charges AIG committed fraud by allegedly "placing advertisements depicting used tires as an enticement to prospective purchasers of insurance."
Comment:
American International Group is being sued in California's Superior Court in Martinez, Calif. by a tire recycer's landlord
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1998
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Comment about this article or add new information about this topic:
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