Swiss insurer expands reach across the U.S

Article Abstract:

Farmers Insurance Exchanges, a group of three U.S. mutuals managed by Zurich Financial Services' Farmers Insurance Group unit, intends to acquire Foremost Corporation of America for $812 million (Euro749 million) in cash, broadening the Swiss insurer's territory in the U.S. Even though Farmers does not own the three insurance exchanges, it provides their marketing, underwriting, actuarial and other managerial services. It receives a 12% piece of the exchanges' gross annual premiums, or approximately $1.35 billion in 1998, as an exchange. The accord calls for Farmers to collect Foremost's premiums, at first 15%, and after three years 18%.

Foreign operations, Switzerland, Life Insurance, Direct Life Insurance Carriers, Insurance industry, Life insurance industry, Farmers Group Inc., Foremost Corporation of America

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Reversal of fortune: Berkshire profit surged in 2000

Article Abstract:

Berkshire Hathaway Inc. announced that its net profits for the 2000 year more than doubled. The company posted $3.33 billion in total net profits for the year, compared to $1,557 billion in 1999.

Sales, profits & dividends, Finance

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Berkshire offers $1.92 billion for roofing-maker Manville

Article Abstract:

Berkshire Hathaway Inc. is offering to acquire Johns Manville Corp. for $1.92 billion (2.15 billion euros). Berkshire would pay $13 per share for Manville's 147.4 million shares.

Paper mills, Paper, Johns Manville Corp., JM, Paper industry

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