|
|
|
Almanac
|
Business New Haven
6/1/1998
By: BNH
|
Would You Buy Insurance From This Bank?
People's Bank plunged head-first into the insurance market last month when it announced that it would acquire the Hartford-based R.C. Knox & Co., a transaction expected to be finalized before the end of June. A 105-year-old firm with 85 employees, Knox wrote approximately $115 million in annual premiums in 1997. It is the largest independent agency in Connecticut and for the past ten years has been among the 100 largest in the nation, according to Business Insurance magazine. Knox will operate as a People's subsidiary under its own name. People's Chairman and CEO David E.A. Carson, who came to People's in 1983 after serving as president and CEO of Middlesex Mutual Assurance Co., will serve as chairman of Knox. When completed, the deal will mark People's fourth acquisition in six months.
Goodbye to Ron, Don, Dan et al.?
Now that the Texas-based SBC Communications Inc. has tendered a $57 billion plan to acquire the Chicago-based Ameritech Corp., observers are wondering about the deal's impact on SBC's purchase of SNET, which is now being reviewed by regulators. When the SNET deal was announced in March, SBC said the SNET management team would remain intact. But that's not SBC's style, according to the Wall Street Journal. In a May 11 profile of SBC Chairman Edward E. Whitacre Jr., the Journal reported: “While some acquirers struggle to hold onto talent at the companies they buy in the hopes of gaining local-market expertise, SBC doesn't bother. It simply installs new folks from Texas.”
Cure for the Summertime Blues
The Regional Workforce Development Board is still seeking sponsors for its Summer Jobs for Youth '98 program, which over the last 16 summers has provided job opportunities for more than 25,000 young people. Sponsored by the Greater New Haven Chamber of Commerce in partnership with Lowe's Home Improvement Warehouse, the initiative provides job opportunities in city departments and community organizations for 14- and 15-year-olds, while the 16- to 21-year-old set may find jobs in the private sector. City and area businesses are encouraged to participate by hiring a young person or making a donation to the program. Each $775 donated will place one youth in a public-sector job. For particulars, call 203-624-1493.
Sell, Sell, Sell
The United Illuminating Co. last month announced that it would begin the process of divesting its three fossil-fuel power plants and other power-purchase agreements to comply with Connecticut's new electric restructuring law. The new legislation requires electric utilities to submit a plan by October 1 for divesting those assets, thus separating the power supply side of the business from the transmission and distribution side. Although the law gives utilities the right to bid on their own plants and assets, UI will not exercise that option, instead choosing to concentrate on power delivery and other non-regulated opportunities, according to new UI President and CEO Nathaniel D. Woodson, whose first day on the job was May 20.
They're in the Money
The Trenton, N.J.-based Journal Register Co., proprietors of the New Haven Register, announced on May 19 its 12th and largest acquisition to date. The company will pay $300 million to acquire five daily and 20 non-daily newspapers in Pennsylvania, New York and Ohio owned by the Goodson Newspaper Group. Following the acquisition, which is expected to be consummated this month, the Journal Register Co. will own 24 daily and 175 non-daily newspapers in the Northeast and Midwest. New Haven Register Publisher William J. Rush is vice president of the parent company, and for his troubles he last year was paid $1,506,969 in monetary compensation.
|
Go FirstGo PreviousGo
NextGo LastGo
to Index
|
|
