Hoylake Setback: Arizona became the sixth of...
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Hoylake Setback: Arizona became the sixth of nine states that regulate insurance subsidiaries of Los Angeles’ Farmers Group to reject the view of Sir James Goldsmith’s Hoylake Investments that no review is needed of the change in ownership of Farmers if Hoylake succeeds in its hostile bid for the parent firm, Britain’s BAT Industries. Hoylake would sell Farmers to Axa Midi Assurances of Paris, Arizona regulators said that eventuality still puts policyholders potentially at risk. A hearing was set for Oct. 16.
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