Latest Insurance News

21st Insurance Receives Offer Aig Would Pay Millions for Shares

By GREGORY J. WILCOX\ Staff Writer WOODLAND HILLS -- 21st Century Insurance said Thursday that it received an unsolicited $690 million offer from American International Group Inc. for all of the shares of the auto insurer that it currently does not own. New York-based AIG is offering $19.75 cents a share for the 38.1 percent of the stock of the Woodland Hills-based company it does not already own and will make it a subsidiary if a deal is completed. AIG currently owns 61.9 percent of 21...

State Starts a New Push to Overhaul Auto System

Jan. 27--Governor Deval L. Patrick's new consumer affairs chief yesterday launched a study group whose goal is to report by mid-March on ways to cut costs and increase competition within the state's heavily regulated auto insurance system. Daniel Crane, former bar counsel at the state's Board of Bar Overseers, starts Monday as director of the Office of Consumer Affairs and Business Regulation. He said one of his first priorities will be to work with a six-member study group to help set an age...

Aon Will Pay Pounds 80m for Footman James

By ANDREW FOXWELL CLASSIC car insurance broker Footman James will be sold to Aon, the world's second largest broker, for about Pounds 80 million this week. The West Midlands-based broker, which was founded in 1983, was put up for sale in August by its private equity owner Alchemy Partners. Paul Matthews, Footman James's managing director, would not comment on possible buyers, but said completion of the deal was imminent. He added that throughout the sales process, handled by accountan...

Footman to Be Sold for Pounds 80m

Specialist car insurer Footman James last night appeared on the verge of being sold to industry giant Aon for about pounds 80 million. The firm, based at Cra-dley Heath, was put up for sale in August by its private equity owner Alchemy Partners. According to a weekend report, managing director Paul Matthews confirmed that a deal was imminent, but would not comment on possible buyers. The sales process has been handled by accountants Deloitte. Footman James sponsors the Classic Motor S...

Motoring: Drivers Anxious About Icy Blast

AN icy winter is set to put the brakes on a third of the nation's motorists, according to research by car care company Comma. With the Met Office predicting an increase in the frequency of freezing cold snaps in the coming weeks, Comma's survey found that the forecast does not bode well for the confidence of the majority of UK motorists. Icy conditions came top of the uneasiness poll, registering 32% of votes and indicating that drivers feel most at risk when control of their vehicle is i...

21st Insurance Receives Offer

By Gregory J. Wilcox, Daily News, Los Angeles Jan. 26--WOODLAND HILLS -- 21st Century Insurance said Thursday that it received an unsolicited $690 million offer from American International Group Inc. for all of the shares of the auto insurer that it currently does not own. New York-based AIG is offering $19.75 cents a share for the 38.1 percent of the stock of the Woodland Hills-based company it does not already own and will make it a subsidiary if a deal is completed. AIG currently owns...

Plugs & POINTS ; in Association With Fish4

SKODA has added a four-wheel drive Scout version to its acclaimed Octavia estate range. The new 4x4 has a muscular look, and will be offered with two engines - a 2.0-litre FSI 150bhp petrol, and a 2.0- litre TDI 140bhp diesel. Scout prices start at pounds 17,585 for the petrol version, and go up to pounds 19,490 for the turbo-diesel model. Standard kit includes twin chrome exhausts, 17-inch Proteus alloy wheels, sunset glass, dual-zone aircon, electronic stability, headlight washers, rear par...

Letters to the Editor

No pork here This story overlooked that two of the Republicans whose projects were not cut are not currently in office ("Mitt cut Dem pork, but saved GOP bacon," Jan. 24). Susan Pope (R-Wayland) was defeated last November and Shirley Gomes (R-Harwich) retired. The $350,000 that went to the projects in their districts will not help raise their profiles or provide them with bullet points for their next campaign. Furthermore, because certain levels of phosphorous can cause eutrophication and...

CIS Predicts Rising Demand for Green Motor Insurance

According to a report by The Co-operative Bank, the value of the UK green financial services sector has increased from GBP5.1 billion to GBP11.5 billion over the last six years. This has lead sister company Co-operative Insurance to predict that increasing numbers of UK motorists will turn to environmentally friendly insurance products going forward.A separate report commissioned by The Co-operative Bank and Friends of the Earth stated that the UK could achieve the necessary carbon reductions...

Motors: Give Car Thieves a Frosty Reception

SAINSBURY'S Car Insurance is warning motorists to be on their guard against 'frosting'. The company warns that thousands of motorists could fall victim to the socalled crime where opportunist thieves take advantage of drivers who leave their cars unattended while warming up the engine. Between 2000 and 2005 there were 121,730 frostingincidents. Richard Clark, Sainsbury's Car Insurance manager, said: "Many thieves are opportunistic and will look to steal your car if you leave it running un...