Morning Briefs
May 29, 2007MILLER INSURANCE'S NEW NAME NOW BRIGHTWAY
Jacksonville-based Miller Insurance Group has changed its name to Brightway Insurance. The company sells multiple lines of insurance including auto, home and life policies.
In addition to its 17 locations, Brightway Insurance will open six offices by year-end and add up to 20 jobs. In the past three years, Brightway Insurance has seen its customer base grow from 2,000 to 18,000 customers. In 2008, the firm plans to expand beyond Florida into Georgia, Colorado, New Mexico and Arizona.
Urvaksh Karkaria/The Times-Union
STATE FARM GETS OK TO LOWER AUTO RATES
State Farm has received regulatory approval to lower auto rates by a statewide average of nearly 16 percent. This auto rate decrease reflects savings Florida customers will see once the No-Fault (PIP) auto insurance system ends in October under current law.
According to the recently approved rate decrease, State Farm auto customers in Florida will save an annual average of $360 per two- car household. This represents an annual savings of $435 million to the company's Florida customers.
Overall premium changes for individual motorists will vary depending on factors such as the coverages they carry, the discounts for which they qualify, where they live, the kind of car insured, who drives it and how much it is driven.
Urvaksh Karkaria/The Times-Union
FOOD NETWORK HOST AT AREA PANERA SATURDAY
This Saturday, Panera Bread customers will be able to see a baking demonstration by Gale Gand, host of the Food Network's Sweet Dreams. The event is a fundraising event for Share Our Strength, an organization aimed at ending children's hunger. All Jacksonville- area Panera locations will donate a portion of profits from all baked goods to Share Our Strength. Head to 9301 Atlantic Blvd. (near the Regency Square Mall) at 10 a.m. for the festivities, which also include a Gand book signing.
Diana Middleton/The Times-Union
GROUP BIDS $95.5 BILLION FOR ABN AMRO
ABN Amro received an industry record takeover bid of $95.5 billion Tuesday from a group led by Royal Bank of Scotland PLC, but its shares fell as the Dutch bank's earlier decision to sell its U.S. arm to Bank of America still clouded prospects for a quick deal.
The offer by the RBS-led consortium of $51.59 per share, about 10 percent higher than the bid on the table from Britain-based Barclays PLC, is contingent on the LaSalle sale not going forward, and also sets aside around $2.49 billion to pay potential claims or a settlement to BofA.
What will happen next depends on the courts or ABN Amro's shareholders.
The Netherlands' Supreme Court is to rule on an appeal against an order to freeze the LaSalle sale by early July. But with an offer from RBS on the table, ABN shareholders with at least a 10 percent stake could override management and call for a meeting in six weeks to voice their preference on the LaSalle sale or either offer.
Associated Press
IBM TAKING ON NEW DEBT FOR REPURCHASE PLAN
IBM Corp. disclosed Tuesday that it is taking on $11.5 billion in new debt to finance the aggressive accelerations of its stock repurchase plan, which appears to be one of the largest such steps ever.
IBM had already announced that it would be ramping up its already massive stock buyback, and the technology company also had said it expected to borrow money to get it done. But a Tuesday filing with the Securities and Exchange Commission revealed the big scope of the project.
Like many other large companies, Armonk, N.Y.-based IBM is on a buyback binge. It has spent $80 billion on its own stock since 1995. By taking shares out of circulation, the move increases the company's earnings per share and gives IBM more shares it can dole out in stock options.
Associated Press
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