Word: mutually
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Dates: during 1990-1999
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...number of outright collapses so far this year remains relatively small, the industry failure rate has picked up ominously in recent weeks and now involves one of the nation's largest insurers. Two weeks ago, in what was the biggest failure to date, New Jersey state authorities took over Mutual Benefit Life, the country's 18th largest life insurer, with assets of $13.5 billion. Last week state officials said they were attempting to take control of yet another insolvent insurer, the Paramus-based New Jersey Life Insurance, which has 47,000 policyholders. Three large firms -- Executive Life, First Capital...
...crisis of confidence surrounding the insurance industry became worse in the past two weeks when the Wall Street research firm of Moody's suddenly downgraded the ratings of nine of the nation's biggest life insurers: Aetna, Kemper, John Hancock, Home Life, Massachusetts Mutual, Mutual Life of New York, New England Mutual, Travelers and Principal Mutual. A similar rating drop this spring triggered a run on Mutual Benefit from which the insurer never recovered...
...Americans followed the S&L debacle, another crisis was quietly brewing in the insurance industry. That silence ended with a bang last week when the state of New Jersey seized the collapsing Mutual Benefit Life (assets: $13.8 billion) in the largest such takeover in U.S. history. Regulators took action as panicky policyholders rushed to cash in their policies out of fear that worsening problems in the Newark-based firm's real estate portfolio could put their money at risk. The insurer, which has issued some 600,000 life insurance policies in the U.S., will continue to pay death benefits...
...regulators took over Mutual Benefit, France's Groupe Axa S.A. agreed to invest $1 billion in Equitable Life, the third largest U.S. life insurer. The deal will give Axa at least a 40% stake in the company. Equitable, plagued by troubled real estate and junk-bond investments, had been seeking a partner to strengthen its finances. The company plans to make an initial stock offering once the Axa deal is completed...
Underlying the disputes is a growing divergence of the interests of the two groups, reinforced by mutual suspicion. Black and Hispanic leaders, says Alejandro Portes, a sociologist at Johns Hopkins University, "see everything as a zero-sum game. If blacks get something, Latinos lose something, and vice versa." Many African Americans believe that Latinos are benefiting from civil rights victories won by blacks with little help from Hispanics. Says Fletcher: "During the height of the civil rights movement, Hispanics were conspicuous by their absence. They kept asking, 'What about us?' But rather than joining us in fighting the system, Hispanics...