Word: aetna
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Robins earned profits of only $500,000 on the 4.5 million Dalkon Shields sold worldwide. Nonetheless, that part of its business grew into a legal nightmare of some 10,000 personal-injury lawsuits. So far Robins and its insurance company, Aetna Life & Casualty, have settled about 7,600 of the cases at a cost of $245 million. Last week the company reached an agreement on 198 suits for a reported $38 million...
...brand-name companies face a broad-based movement toward generics. Some 26 states mandate the use of generic drugs, whenever possible, in Medicaid programs. Several insurance companies, including Aetna, Metropolitan, Prudential and Blue Cross/Blue Shield, have notified health-care policyholders that they will be reimbursed for 100% of the cost of generic drugs but only 80% of the price of brand-name pills. Moreover, many drugstore chains are pushing low-priced generics. Walgreens, with 947 outlets in 30 states and Puerto Rico, says that when one of its pharmacists receives a prescription marked "no substitution," he is to call...
...developer, Chicago's Urban Investment & Development Co., a subsidiary of Aetna Life & Casualty, became interested in Copley Place through its senior vice president, Kenneth A. Himmel, 37, who grew up in the Boston area. "We are aiming at an entirely new market," explains Himmel. "Silicon Valley is moving east. The bright young people in the electronic and related industries are attracted by Boston's unusual cultural, scientific and educational facilities, if not to settle and work there, at least to visit, meet and consult. Back Bay, with its new railroad station and freeway exits, is just the place...
Insurance companies, which own about 15% of the Nos. 4 and 5 bonds, are probably the biggest losers. According to A.M. Best Co., an insurance-industry research firm, Aetna Life & Casualty held $50 million worth of the securities at the end of last year, while Fireman's Fund, a unit of American Express, had $48.9 million at risk, and Kemper had $24 million. None of these companies, however, has fallen into financial trouble. Says an Aetna official: "Our losses will not be insignificant. But our other assets are very secure, and our foundation is very, very solid." Aetna...
...first time in the annals of space, a piloted ship had succeeded in launching an earth satellite. The trail-blazing cargo, formally known as SBS-3, was the third in a series of commercial communications satellites owned by Satellite Business Systems, a partnership of IBM, Comsat General and Aetna Life & Casualty. It was one of two look-alike satellites carried aloft by Columbia on its fifth voyage. The other, called Anik C-3 and owned by Telesat Canada, which runs that country's satellite communications, was launched with equal ease a day later. Both satellites are among the most...