U.K. insurance companies Commercial Union and General Accident today proposed a merger that would create a money manager with about £100 billion ($165 billion) under management.
Alan Clifton, now Commercial Union Investment Management's managing director, will head the combined investment management unit, according to a company statement. Roger Hayes, now chief investment manager at General Accident Investment Management Services, will become COO. Barry Sanjana, now with Commercial Union, is expected to become CIO of the combined group.
PBGC Executive Director David M. Strauss today requested lawmakers appropriate $158.7 million for the agency for fiscal 1999, a $10.9 million increase from the current amount. Included is a request for $25 million to implement the agency's early warning and legal enforcement programs. In fiscal 1997, under the agency's early warning program, the PBGC reached agreements with employers where the settlements included contributions or liens of $770 million in plans with $870 million in underfunded vested benefits, he told lawmakers.
He also told members of the House Subcommittee on Labor, Health and Human Services and Education that promoting defined benefit pension plans is a top priority for the PBGC.