Country Company Insurance

In 1982 Johns-Manville, a major asbestos manufacturer, declares itself insolvent to avoid paying claims resulting from exposure to its products. A year later, Continental Airlines, one of the top ten carriers in the United States, claims a deficit when the union resists plans to cut labor costs. Later still, oil powerhouse Texaco cries broke rather than pay damages resulting from a courtroom defeat by archrival Pennzoil. Bankruptcy, once a term that sent shudders up a manager's spine, is now becoming a potent weapon in the corporate arsenal. In his timely and challenging study, Kevin Delaney explores this profound change in our legal landscape, where corporations with billions of dollars in assets use bankruptcy to achieve specific political and organizational objectives. As a consequence, bankruptcy court is rapidly becoming an arena in which crucial social issues are resolved: How and when will people dying of asbestos poisoning be compensated? Can companies unilaterally break legally negotiated labor contracts? What are the ethical and legal rules of the corporate takeover game? In probing the Chapter 11 bankruptcies of Johns-Manville, Frank Lorenzo's Continental Airlines, and Texaco, Delaney shows that more and more, an array of powerful actors--corporations, commercial creditors, auditors, bond rating agencies and investment bankers--are coming to view bankruptcy as a legitimate business strategy. In each situation, the choice of bankruptcy by these corporate giants was directly influenced by the surrounding business community. In the case of Johns-Manville, carrying appropriate insurance did not prevent its twenty insurance companies from refusing to pay claims. Thanks to shrewdplanning and cooperation from Continental's creditors, not only was the airline able to continue flying in the first week of Chapter 11, but it could also offer the lowest cross-country fare in the market.

In Ultimate Risk: The Inside Story of the Lloyd's Catastrophe, Adam Raphael has written a behind-the-scenes account of this still-unfolding disaster. The result in part of unprecedented natural disasters worldwide and huge numbers of asbestos and pollution claims in the U.S., this ultimate financial nightmare also stems from scandals ranging from skimming profits to conflicts of interest and outright fraud. Few have any idea of the scale of the Lloyd's crisis, which is comparable only to the savings and loan collapse in the U.S. One prediction is that the cost of cleaning up America - for which Lloyd's is in large part responsible, through its insurers in this country - could be as high as $1,000 billion, more than the combined resources of casualty insurers worldwide. If only a fraction of these claims are upheld by the courts and have to be met, the conclusion is inevitable: a number of very important insurance companies in the U.S. will go out of business. And if Lloyd's is unable to pay its U.S. claims - a distinct possibility - it will not be just the biggest financial collapse of the century: hundreds of thousands of American policy-holder claimants, among them the victims of asbestosis, will go unpaid.

New York Life Insurance Company - The New York Life Insurance Company was founded in 1841 as the Nautilus Insurance Company in New York City, with assets of just $17,000. It was renamed the New York Life Insurance Company in 1845.

China Life Insurance Company Limited - The China Life Insurance Company Limited is a Beijing-based China-incorporated company that provides life insurance and annuity products. It became a public-listed company on December 18, 2003, with a market capitalization of USD$5,756 million as of August 31, 2005.

The Dai-ichi Mutual Life Insurance Company - The Dai-ichi Mutual Life Insurance Company (第一生命保険相互会社; Dai-ichi Seimei Hoken Sōgo Gaisha) is the second largest life insurer in Japan. It is also the oldest mutual insurance company in Japan, founded on September 15, 1902.

Northwestern Mutual Life Insurance Company - Northwestern Mutual Life Insurance Company is a major financial services company based in Milwaukee, Wisconsin. It is one of the largest providers of life insurance in the United States.

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