Nation IN BRIEF : NEW JERSEY : State Takeover of Big Insurer Likely
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From Times Staff and Wire Reports
Mutual Benefit Life Insurance Co. of Newark, N.J., the nation’s 18th-largest health and life insurer, is expected to ask New Jersey officials to take control of the financially troubled firm. Gov. James J. Florio hinted that a state takeover was imminent. Three rating companies have downgraded Mutual Benefit’s rating--a measure of an insurer’s ability to pay claims. Analysts are worried about the company’s real estate losses.
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