Word: premiums
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...Times change. We looked at $75, and, remember, I had no financing. It was about a 30% premium. And we would not have disposed of as many companies as we will have to dispose of right now. We started at $75, but I knew we would probably get negotiated...
...California like a muscle car. By a 51%-to-49% count, the voters approved Proposition 103, which will slash insurance rates to 20% below November 1987 levels. Good drivers will get yet another 20% off. Although the vote covered all types of property and casualty insurance, the auto-premium cuts were the heart of the measure. The most breathless of its proponents expect its impact to rival that of Proposition 13, the 1978 California initiative that set off a coast-to-coast fight against high property taxes. "The genie is out of the bottle," says Harvey Rosenfield, 36, the author...
...dozens of places where premium increases show no sign of slowing, Proposition 103 could become a rallying cry. Robert Hunter, president of the National Insurance Consumer Organization, a Virginia-based group, says he has been "deluged" with calls from drivers eager to have their own states cut rates...
Massachusetts, another high-premium state, is trying to give drivers a break. A week before the vote in California, Massachusetts legislators approved a reform bill that will slice 16% off the state's tightly controlled auto rates in 1989. Aimed at easing a 27% jump in premiums over the past two years, the measure includes several cost-saving features to placate insurers. Yet such provisions could not halt a continuing exodus that has seen six major firms abandon the state since 1986. Allstate joined their ranks last week, when the Sears subsidiary said it would stop selling policies in Massachusetts...
Philip Morris hopes that its play for Kraft will prove to be pre-emptive -- so attractive that Kraft management will be unable to turn it down. The tobacco and food giant is proposing to buy Kraft for $90 a share in cash, a 50% premium over the $60 price of Kraft stock before the offer. To get a friendly match and outbid other possible suitors, Philip Morris may have to raise its bid to more than $100, according to Wall Street analysts. Says Hamish Maxwell, the Philip Morris chairman: "We're prepared to negotiate this deal...