INSURANCE BRIEFS

INSURANCE BRIEFS

Corroon & Black Plans

To Acquire Md. BrokerCorroon & Black Corp. Thursday announced that it has entered into an agreement in principle to acquire Stump, Harvey & Cook Inc., a large retail property/casualty broker based in Baltimore, Md.

It is anticipated that the transaction will be completed by the end of April.

Richard M. Miller, president and chief executive officer of Corroon & Black, said the brokerage is located in a geographical area whose future growth will be excellent.

Stump, Harvey & Cook, Inc. was founded in 1926 and now has 90 employees. David J. Minnis, president of the agency, will be president of the new profit center, which will be named Corroon & Black/Stump, Harvey & Cook, Inc.

Corroon & Black Corp., headquartered in New York City, is one of the world's largest full service insurance brokerage firms.

Rehearing Motion

Filed in Asbestos Case

DENVER, Colo. - Manville Corp. Friday announced that attorneys representing a group of asbestos health claimants filed a motion for rehearing in the Second Circuit U.S. Court of Appeals in New York.

The motion for rehearing relates to a March 30, 1988, Second Circuit Court rejection of the asbestos health claimants' appeal that was pending against the company's reorganization plan.

Richard B. Von Wald, Manville senior vice president and general counsel, said the 90-day period in which the asbestos health appellants have to seek a review by the U.S. Supreme Court will not begin until the Second Circuit disposes of the group's latest motion.

Manville cannot consummate the reorganization plan and finally emerge from Chapter 11 until the appeals process is exhausted. The company has been operating under federal bankruptcy law protection since August 1982.

Pension Agency Settles

Claim With Steelmaker

WASHINGTON - In the largest settlement of pension insurance claims in its 13-year history, the Pension Benefit Guaranty Corp. Thursday announced an agreement with Wheeling-Pittsburgh Steel Corp. requiring payment of $85 million, which resolves all claims against the company.

Under the settlement, which is subject to approval by the United States Bankruptcy Court for the Western District of Pennsylvania, the PBGC will receive $60 million in cash and a secured note for $25 million upon confirmation of Wheeling-Pittsburgh's plan of reorganization.

This settlement strengthens PBGC's ability to collect millions of dollars in claims in other cases, said PBGC Executive Director Kathleen P. Utgoff.

The PBGC's bankruptcy court claims were based on the termination in November 1985 of seven Wheeling-Pittsburgh pension plans, which provided retirement benefits to about 21,500 employees.

Firm Expects Insurance

To Cover Embezzlement

CHESTER, N.Y. - An armored car company expects its insurance to cover the embezzlement of over $1 million from the company's vault.

Hudson Valley Patrol reported last week that it had discovered approximately $1.3 million was missing from the vault maintained by the armored car division of its federal protection subsidiary located in Riviera Beach, Fla., apparently embezzled by a federal protection employee.