The Manufacturers Life Insurance Company, is a major Canadian insurance company and financial services provider. Although its global head office is located in Toronto, with its Canadian operations based out of Waterloo, Ontario, Manulife has worldwide operations, most notably in the United States (through its subsidiary, John Hancock Insurance) and in 10 unique Asian countries and territories.
Manulife Financial is the largest insurance company in North America and the world's fourth largest, based on market capitalization. Manulife ranks number 91 on the Forbes Global 2000 list (2008 edition); by that measure, it is the second largest company in Canada.
Manulife Financial was founded in 1887 as The Manufacturers Life Insurance Company. Its first president was the first Prime Minister of Canada, Sir John A. Macdonald. In 1897, Manulife Financial expanded its operations into Asia, including China and Hong Kong.
Manulife currently has 47,000 employees and agents. It also holds considerable political sway, through former President and CEO Dominic D'Alessandro, who sits as one of only ten Canadian members of the North American Competitiveness Council, the group that directs much of the policy of the Security and Prosperity Partnership of North America (SPP).
Dominic D’Alessandro was formerly an executive vice president at the Royal Bank of Canada, departing in 1988 when he was appointed President and Chief Executive Officer of the Laurentian Bank of Canada.
In 2004, D'Alessandro led Manulife's acquisition of John Hancock Insurance (D'Alessandro is unrelated to Hancock CEO David D'Alessandro) and Maritime Life.
In October 2008, Manulife Financial Corp. was named one of Greater Toronto's Top Employers by Mediacorp Canada Inc., which was announced by the Toronto Star newspaper.
Current members of the board of directors of Manulife Financial are: John M. Cassaday, Lino J. Celeste, Thomas P. d'Aquino, Dominic D’Alessandro, Richard B. DeWolfe, Robert E. Dineen, Jr., Pierre Y. Ducros,Scott M. Hand, Robert Harding, Luther S. Helms, Thomas E. Kierans, Lorna R. Marsden, Gail C.A. Cook-Bennett (Chair), Hugh W. Sloan, Jr., Gordon G. Thiessen. Former director Michael Wilson resigned as director after 11 years, on being appointed Canadian ambassador to the United States of America in March 2006. Former Chairman Arthur Sawchuk retired in October 2008.
Monday, June 29, 2009
John Hancock Insurance
John Hancock Financial is a loose term for a major United States insurance company which existed, in various forms, from its founding on April 21, 1862, until its acquisition in 2004 by the Canadian insurance company Manulife Financial. It was named in honor of John Hancock, a prominent patriot. The company continues to operate as a wholly owned subsidiary of Manulife.
April 21, 1862, the charter of the John Hancock Mutual Life Insurance Company was approved by John A. Andrew, governor of Massachusetts.John Hancock advertisements and newspaper articles from the 1930s refer to it as the "John Hancock Life Insurance Company."1940s source refer to it as the "John Hancock Mutual Life Insurance Company"A July 2, 1998, Boston Herald story, John Hancock Mutual Life Insurance Co chairman, is quoted: "We have always said quite clearly that we are not for sale," [Stephen L.] Brown said, moving to kill speculation about possible deals with BankBoston or Fleet Financial Group. "There are simply no merger talks going on."In 2000, the company "demutualized," meaning that "John Hancock Mutual Life Insurance Company" formally ceased to exist, and a new company named "John Hancock Financial Services Inc." came into existence. Policyholders received shares in the new company in exchange for giving up ownership in the old. Life insurance continued to be sold by an entity known as the "John Hancock Variable Life Insurance Company," a subsidiary of John Hancock Financial Services Inc. On January 27, 2000, shares of Hancock stock started to trade on the New York Stock Exchange under the symbol JHF.On September 29, 2003, it was announced that Manulife Financial Corp. was acquiring John Hancock Financial Services Inc. for $10.4 billion.On April 29, 2004, the existence of John Hancock Financial Services, Inc. as an independent company formally ended.During 2004, Manulife merged its original U.S. domiciled business units with the newly acquired company under the John Hancock name.As of 2006 Manulife continues to use the John Hancock brand name for the majority of its U.S. business. The 2005 Manulife Annual Report (pp.154–155) lists as subsidiaries the following companies and others (where the indentation indicates a hierarchy of ownership): "John Hancock Holdings (Delaware) LLC" (100% owned) "John Hancock Financial Services, Inc." (100% owned) "John Hancock Life Insurance Company" (100% owned) "John Hancock Variable Life Insurance Company" (100% owned)In addition the following companies are former Manulife subsidiaries renamed to John Hancock: "John Hancock Life Insurance Company (U.S.A.)" (100% owned) "John Hancock Life Insurance Company of New York" (100% owned)"John Hancock Investment Management Services, LLC" (95% owned)
April 21, 1862, the charter of the John Hancock Mutual Life Insurance Company was approved by John A. Andrew, governor of Massachusetts.John Hancock advertisements and newspaper articles from the 1930s refer to it as the "John Hancock Life Insurance Company."1940s source refer to it as the "John Hancock Mutual Life Insurance Company"A July 2, 1998, Boston Herald story, John Hancock Mutual Life Insurance Co chairman, is quoted: "We have always said quite clearly that we are not for sale," [Stephen L.] Brown said, moving to kill speculation about possible deals with BankBoston or Fleet Financial Group. "There are simply no merger talks going on."In 2000, the company "demutualized," meaning that "John Hancock Mutual Life Insurance Company" formally ceased to exist, and a new company named "John Hancock Financial Services Inc." came into existence. Policyholders received shares in the new company in exchange for giving up ownership in the old. Life insurance continued to be sold by an entity known as the "John Hancock Variable Life Insurance Company," a subsidiary of John Hancock Financial Services Inc. On January 27, 2000, shares of Hancock stock started to trade on the New York Stock Exchange under the symbol JHF.On September 29, 2003, it was announced that Manulife Financial Corp. was acquiring John Hancock Financial Services Inc. for $10.4 billion.On April 29, 2004, the existence of John Hancock Financial Services, Inc. as an independent company formally ended.During 2004, Manulife merged its original U.S. domiciled business units with the newly acquired company under the John Hancock name.As of 2006 Manulife continues to use the John Hancock brand name for the majority of its U.S. business. The 2005 Manulife Annual Report (pp.154–155) lists as subsidiaries the following companies and others (where the indentation indicates a hierarchy of ownership): "John Hancock Holdings (Delaware) LLC" (100% owned) "John Hancock Financial Services, Inc." (100% owned) "John Hancock Life Insurance Company" (100% owned) "John Hancock Variable Life Insurance Company" (100% owned)In addition the following companies are former Manulife subsidiaries renamed to John Hancock: "John Hancock Life Insurance Company (U.S.A.)" (100% owned) "John Hancock Life Insurance Company of New York" (100% owned)"John Hancock Investment Management Services, LLC" (95% owned)
London Stock Exchange
The London Stock Exchange or LSE is a stock exchange located in London, United Kingdom. Founded in 1801, it is one of the largest stock exchanges in the world, with many overseas listings as well as British companies. The LSE is part of the London Stock Exchange Group.
Its current premises are situated in Paternoster Square close to St Paul's Cathedral in the City of London.
The trade in shares in London began with the need to finance two voyages: The Muscovy Company's attempt to reach China via the White Sea north of Russia, and the East India Company voyage to India and the east.
Unable to finance these costly journeys privately, the companies raised the money by selling shares to merchants, giving them a right to a portion of any profits eventually made.
The Change Alley exchange thrived. However, it suffered a setback in 1720.
Much excitement was caused by the South Sea Company, stoked by brokers, the company's owner John Blunt and the government. Having set up the unprofitable company nine years previously, the government hoped to wipe out the large debts accumulated by offering shares to the public.
Shares in the company, which had started at £128 each at the start of the year, were soon fetching as much as £1,050 by June. The bubble inevitably burst, with share prices plunging to £175, then £124.
The incident caused outcry, forcing the government to pass legislation to prevent another bubble, and it took a long time for the stock exchange to recover.
Jonathan's burnt down in 1748, and this, plus dissatisfaction with the overcrowding in the Alley, made the brokers build a New Jonathan's on Threadneedle Street, as well as charging an entrance fee. The building was soon renamed the Stock Exchange, only to be renamed again as the Stock Subscription Room in 1801, with new membership regulations. Former LSE premises in Threadneedle Street
However, this too proved unsatisfactory, and the exchange moved to the newly built Capel Court in the same year. The exchange had recovered by the 1820s, bolstered by the growth of the railways, canals, mining and insurance industries (there were, however, problems with stags and dividend payments). Regional stock exchanges were formed across the UK. Bonds (or gilt-edged securities) also began to be traded.
In December 2005, the London Stock Exchange rejected a £1.6 billion takeover offer from Macquarie Bank. The London Stock Exchange described the offer as "derisory", a sentiment echoed by shareholders in the exchange. Shortly after Macquarie withdrew its offer, the LSE received an unsolicited approach from NASDAQ valuing the company at £2.4 billion. This too it duly rejected. NASDAQ later pulled its bid, and less than two weeks later on 11 April 2006, struck a deal with LSE's largest shareholder, Ameriprise Financial's Threadneedle Asset Management unit, to acquire all of that firm's stake, consisting of 35.4 million shares, at £11.75 per share. NASDAQ also purchased 2.69 million additional shares, resulting in a total stake of 15%. While the seller of those shares was undisclosed, it occurred simultaneously with a sale by Scottish Widows of 2.69 million shares. The move was seen as an effort to force LSE to the negotiating table, as well as to limit the Exchange's strategic flexibility.
Subsequent purchases increased NASDAQ's stake to 25.1%, holding off competing bids for several months. United Kingdom financial rules required that NASDAQ wait for a period of time before renewing its effort. On 20 November 2006, within a month or two of the expiration of this period, NASDAQ increased its stake to 28.75% and launched a hostile offer at the minimum permitted bid of £12.43 per share, which was the highest NASDAQ had paid on the open market for its existing shares. The LSE immediately rejected this bid, stating that it "substantially undervalues" the company.
NASDAQ revised its offer (characterized as an "unsolicited" bid, rather than a "hostile takeover attempt") on 12 December 2006, indicating that it would be able to complete the deal with 50% (plus one share) of LSE's stock, rather than the 90% it had been seeking. The U.S. exchange did not, however, raise its bid. Many hedge funds had accumulated large positions within the LSE, and many managers of those funds, as well as Furse, indicated that the bid was still not satisfactory. NASDAQ's bid was made more difficult because it had described its offer as "final", which, under British bidding rules, restricted their ability to raise its offer except under certain circumstances.
In the end, NASDAQ's offer was roundly rejected by LSE shareholders. Having received acceptances of only 0.41 per cent of rest of the register by the deadline on 10 February 2007, Nasdaq's offer duly lapsed . Responding to the news, Chris Gibson-Smith, the LSE's chairman, said: "The Exchange’s strategy has produced outstanding results for shareholders by facilitating a structural shift in volume growth in an increasingly international market at the centre of the world’s equity flows. The Exchange intends to build on its exceptionally valuable brand by progressing various competitive, collaborative and strategic opportunities, thereby reinforcing its uniquely powerful position in a fast evolving global sector."
On Monday, 20 August 2007, NASDAQ announced that it was abandoning its plan to take over the LSE and subsequently look for options to divest its 31% (61.3 million shares) shareholding in the company in light of its failed takeover attempt. In September 2007, NASDAQ agreed to sell the majority of its shares to Borse Dubai, leaving the United Arab Emirates-based exchange with 28% of the LSE.
Its current premises are situated in Paternoster Square close to St Paul's Cathedral in the City of London.
The trade in shares in London began with the need to finance two voyages: The Muscovy Company's attempt to reach China via the White Sea north of Russia, and the East India Company voyage to India and the east.
Unable to finance these costly journeys privately, the companies raised the money by selling shares to merchants, giving them a right to a portion of any profits eventually made.
The Change Alley exchange thrived. However, it suffered a setback in 1720.
Much excitement was caused by the South Sea Company, stoked by brokers, the company's owner John Blunt and the government. Having set up the unprofitable company nine years previously, the government hoped to wipe out the large debts accumulated by offering shares to the public.
Shares in the company, which had started at £128 each at the start of the year, were soon fetching as much as £1,050 by June. The bubble inevitably burst, with share prices plunging to £175, then £124.
The incident caused outcry, forcing the government to pass legislation to prevent another bubble, and it took a long time for the stock exchange to recover.
Jonathan's burnt down in 1748, and this, plus dissatisfaction with the overcrowding in the Alley, made the brokers build a New Jonathan's on Threadneedle Street, as well as charging an entrance fee. The building was soon renamed the Stock Exchange, only to be renamed again as the Stock Subscription Room in 1801, with new membership regulations. Former LSE premises in Threadneedle Street
However, this too proved unsatisfactory, and the exchange moved to the newly built Capel Court in the same year. The exchange had recovered by the 1820s, bolstered by the growth of the railways, canals, mining and insurance industries (there were, however, problems with stags and dividend payments). Regional stock exchanges were formed across the UK. Bonds (or gilt-edged securities) also began to be traded.
In December 2005, the London Stock Exchange rejected a £1.6 billion takeover offer from Macquarie Bank. The London Stock Exchange described the offer as "derisory", a sentiment echoed by shareholders in the exchange. Shortly after Macquarie withdrew its offer, the LSE received an unsolicited approach from NASDAQ valuing the company at £2.4 billion. This too it duly rejected. NASDAQ later pulled its bid, and less than two weeks later on 11 April 2006, struck a deal with LSE's largest shareholder, Ameriprise Financial's Threadneedle Asset Management unit, to acquire all of that firm's stake, consisting of 35.4 million shares, at £11.75 per share. NASDAQ also purchased 2.69 million additional shares, resulting in a total stake of 15%. While the seller of those shares was undisclosed, it occurred simultaneously with a sale by Scottish Widows of 2.69 million shares. The move was seen as an effort to force LSE to the negotiating table, as well as to limit the Exchange's strategic flexibility.
Subsequent purchases increased NASDAQ's stake to 25.1%, holding off competing bids for several months. United Kingdom financial rules required that NASDAQ wait for a period of time before renewing its effort. On 20 November 2006, within a month or two of the expiration of this period, NASDAQ increased its stake to 28.75% and launched a hostile offer at the minimum permitted bid of £12.43 per share, which was the highest NASDAQ had paid on the open market for its existing shares. The LSE immediately rejected this bid, stating that it "substantially undervalues" the company.
NASDAQ revised its offer (characterized as an "unsolicited" bid, rather than a "hostile takeover attempt") on 12 December 2006, indicating that it would be able to complete the deal with 50% (plus one share) of LSE's stock, rather than the 90% it had been seeking. The U.S. exchange did not, however, raise its bid. Many hedge funds had accumulated large positions within the LSE, and many managers of those funds, as well as Furse, indicated that the bid was still not satisfactory. NASDAQ's bid was made more difficult because it had described its offer as "final", which, under British bidding rules, restricted their ability to raise its offer except under certain circumstances.
In the end, NASDAQ's offer was roundly rejected by LSE shareholders. Having received acceptances of only 0.41 per cent of rest of the register by the deadline on 10 February 2007, Nasdaq's offer duly lapsed . Responding to the news, Chris Gibson-Smith, the LSE's chairman, said: "The Exchange’s strategy has produced outstanding results for shareholders by facilitating a structural shift in volume growth in an increasingly international market at the centre of the world’s equity flows. The Exchange intends to build on its exceptionally valuable brand by progressing various competitive, collaborative and strategic opportunities, thereby reinforcing its uniquely powerful position in a fast evolving global sector."
On Monday, 20 August 2007, NASDAQ announced that it was abandoning its plan to take over the LSE and subsequently look for options to divest its 31% (61.3 million shares) shareholding in the company in light of its failed takeover attempt. In September 2007, NASDAQ agreed to sell the majority of its shares to Borse Dubai, leaving the United Arab Emirates-based exchange with 28% of the LSE.
Subscribe to:
Posts (Atom)
Atom Feed (xml)