News Briefs - Jan. 27
The Latest Headlines:
- Baldwin & Lyons Reports Increased Premiums from Trucking Division
- U.S. Existing ϳԹ Sales Rose in December
- Mineta Recovering After Surgery
- Landair Execs Say They Control 97% of Shares
- Oil Prices Still High on War, Supply Concerns
- Lynden Air Freight, Continental Forge Partnership
- U.S. Existing ϳԹ Sales Rose in December
Baldwin & Lyons Reports Increased Premiums from Trucking Division
Insurance company Baldwin & Lyons Inc. said Monday in its earnings statement that the gains it, and its subsidiaries Protective and Sagamore Insurance Cos., made in the fourth quarter were largely due to increased premiums from trucking companies.The company said in its release that “increases in the fleet trucking division had the greatest impact on consolidated premium growth due to rate increases, new accounts and more retention of risk by Protective.”
Net premiums rose 36% in the fourth quarter and 26% for all of 2002, the Indianapolis-based company said in its release. Transport Topics
U.S. Existing ϳԹ Sales Rose in December
The number of previously owned homes rose in December, capping the best recorded year for the sale of residential real estate, the National Association of Realtors said Monday.The number of existing single-family homes sold in December rose 5.2% to an annualized rate of 5.86 million units. For all of 2002, about 5.56 million existing homes were sold, the NAR said.
ϳԹ sales can provide a boost to trucking companies, especially for-hire movers and those firms that haul household goods.
Economists had projected that existing home sales would rise 0.7% in December to a rate of 5.6 million homes, Bloomberg News reported. Transport Topics
Mineta Recovering After Surgery
Transportation Secretary Norman Y. Mineta was in good condition Jan. 24 after undergoing surgery to relieve chronic back pain, the Associated Press reported.Doctors said the operation went well and that they were pleased with the results, AP reported.
Mineta, 71, had surgery on Jan. 24 to relieve back pain related to disk stress and scoliosis, a curving of the spine, AP reported.
A Department of Transportation spokesman said Mineta would spend several days in intensive care and will resume his duties after a short recovery period at Walter Reed Army Medical Center, AP reported.
In Mineta’s absence, Deputy Secretary Michael Jackson and other senior officials will run the DOT, AP said. Transport Topics
Landair Execs Say They Control 97% of Shares
Executives of truckload carrier Landair Corp. told Bloomberg News Friday that they control about 97% of the company’s stock after their offer to buy shares of stock they don’t already own.Chief Executive Officer Scott Niswonger and president John Tweed said that they bought about 1.92 million shares through their $13-a-share offer, which ended Jan. 23, Bloomberg News reported. Prior to the purchase, the pair owned about 71% of the Greeneville, Tenn.-based company.
A special committee of Landair’s board recommended that shareholders accept the buyout earlier in January, Bloomberg said. The recommendation was made after a buyer could not be found that would pay more per share than Tweed and Niswonger.
The company's general counsel said that Landair will become a closely held company by the end of February, according to Bloomberg. Transport Topics
Oil Prices Still High on War, Supply Concerns
The price of oil remained over $33 a barrel in early trading Monday, Bloomberg News reported, as tensions remained high before the United Nations’ chief weapons inspector addressed the body about the progress of inspections in Iraq.The nervousness among traders, Bloomberg said, overshadowed news from Venezuela that the government believes its oil output could return to normal by March.
Hans Blix, the UN’s chief weapons inspector, is expected to ask the body for more time to carry out further searches for weapons of mass destruction in Iraq. The United States has said that Iraq is in violation of UN sanctions and has proposed military action if the oil-rich nation does not disarm.
The price of oil slipped slightly, about 19 cents, in trading on the New York Mercantile Exchange Monday to $33.09 per barrel, Bloomberg said. Transport Topics
Lynden Air Freight, Continental Forge Partnership
Lynden Air Freight Inc. and Continental Cargo, an operating unit of Continental Airlines Inc. said Jan. 24 they reached a new global alliance that took effect Jan. 1.Lynden gets protected space allocations and pricing discounts, as well as other perks, while Continental gets increases support on trans-Atlantic, trans-Pacific, Latin American and South American shipping lanes out of the deal.
Financial terms of the arrangement were not disclosed.
Based in Seattle, Lynden Air Freight is a domestic and international airfreight forwarder that also provides ocean shipping and trucking services. Transport Topics
( for the full press release.)