Pa. given persission to take over Reliance

Article Abstract:

The Pennsylvania Insurance Commissioner takes over management of Reliance Insurance Co. Citing bad business decisions, big debts, and bad luck a Pennsylvania court granted the state management takeover request.

Insurance, Insurance Carriers and Related Activities, INSURANCE CARRIERS, Company Profile, Reliance Insurance Co.

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Taking the final step : a year later, First Union will complete its takeover of CoreStates today

Article Abstract:

First Union Corp. (Charlotte, N.C.) is expecting to complete its $20 billion purchase of CoreStates Financial Corp. (Philadelphia, PA). The current 380 branches of CoreStates will be closed over the weekend to transfer over to the new company. Some of the back office functions will be transferred out of the area. Through attrition, the new bank has had to lay off only 500 workers, down from an expected 1,000. The larger First Union Crop. will have 2,400 branches from Florida to Connecticut. Some customers, however, and dissatisfied by the increased banking charges that have been announced. Competing banking institutions in the area are taking advantage of this situation. First Union Corp. expects to have a reduction in customers.

Banking Institutions, Depository Credit Intermediation, Banks (Finance), First Union Corp., FTU, CoreStates Financial Corp., CFL

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2 mortgage insurers are planning merger

Article Abstract:

Amerin Corp. will be acquired by CMAC Investment Corp. for around $606 million in stock. This merger will create the second-largest mortgage insurance company in the United States. The new company will be based in Philadelphia in CMAC Investments headquarters. CMAC employs more than 700 workers. The merged company's chairman will be Herbert Wender, the current chair of CMAC. Gerald L. Friedman, the founder of Amerin, will become chairman emeritus.

Direct Property and Casualty Insurance Carriers, Surety Insurance, Abstract, Surety bonds, Amerin Corp., CMAC Investment Corp., AMRN

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