Word: lorillard
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Dates: during 2000-2009
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...Before the hazardous health effects of smoking were widely known, cigarette companies were able to advertise largely regulation-free. The first tobacco advertisement in the United States ran in 1789 when what is now the Lorillard Tobacco Company promoted their snuff in a local New York newspaper. Manufacturing and transportation constraints limited the distribution of tobacco products (at that time, mostly snuff, cigars and pipe tobacco) to local markets and largely kept companies from exploring the benefits of branding. The first strong national tobacco brand didn't emerge until near the end of the Civil War, when both Union...
...company's main rival, R.J. Reynolds, manufacturer of Camel cigarettes, is still in dismay over Philip Morris' reversal from regulation opponent to champion, and the third largest cigarette manufacturer, Lorillard, has labeled the legislation the Marlboro Monopoly Act. Both argue that as the new restrictions cut off most remaining avenues available for advertising and ban marketing stunts like free-sample cigarette giveaways, the companies' ability to "communicate" (i.e., gain market share) with potential and existing smokers about their products will be blocked. In addition, the administrative costs of complying with FDA regulations favor large manufacturers over smaller ones...
...this week in a letter to the New England Journal of Medicine (NEJM), suggest that several life and disability insurers, both in the U.S. and abroad, have yet to acquiesce to calls from the American Medical Association and others to divest their holdings in companies such as Reynolds American, Lorillard and Philip Morris. Many insurers cited in the letter say the study wildly overstates their investments, but the authors disagree. "Insurers continue to put their profits above people's health," said Dr. J. Wesley Boyd, the lead author of the report. "It's clear their top priority is making money...
...other U.S.-based insurers, Northwestern Mutual and MassMutual, also question the study's data. The NEJM letter places Milwaukee-based Northwestern's tobacco-stock holdings at $235 million in Reynolds, Philip Morris and Lorillard, which produces Newport cigarettes. But spokeswoman Jean Towell says the insurer's investments are actually one-tenth that figure, less than $24 million...
...question also sell mutual funds and other retirement products alongside their insurance businesses. That means at least some of their exposure to tobacco stocks stems from client assets in index funds, such as those pegged to the S&P 500, which, of course, includes firms like Philip Morris and Lorillard. Many of the insurers contacted by TIME declined to outline the specifics of their investment portfolios, but a Prudential spokesman, Darrell Oliver, noted that as a policy, Prudential does not invest in tobacco stocks for its own portfolios: "Some Prudential entities hold tobacco stocks. Those stocks are primarily part...