Arkwright announces organizational improvements.WALTHAM Waltham (wôl`thăm, –thəm), city (1990 pop. 57,878), Middlesex co., E Mass., a suburb of Boston, on the Charles River; settled c.1634, set off from Watertown 1738, inc. as a city 1884. , Mass.--(BUSINESS WIRE)--Jan. 17, 1995--Arkwright Mutual Insurance Co., a supplier of risk management products and services headquartered in Waltham, Mass., announced recently that it has created new customer service positions, modified its underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. activities and consolidated its North American operations North American operation Surgical oncology Radical surgery of a 'frozen pelvis', consisting of radical en bloc resection of the uterus and urinary bladder. See 'Frozen pelvis.'. Cf 'All-American' and 'South American' operations. . These, and related improvements, represent a proactive response to the industry challenges faced by Arkwright Ark·wright , Sir Richard 1732-1792. British inventor and manufacturer who patented a machine for spinning cotton thread (1769) and established cotton mills that were among the first to use machinery on a large scale. Mutual Insurance Co. to establish a more streamlined, productive and efficient organization. In consolidating its operations, the company's six domestic regions were merged into four operation centers in Norwalk Norwalk (nôr`wôk'). 1 City (1990 pop. 94,279), Los Angeles co., S Calif.; settled in the 1850s, inc. 1957. With the arrival (1875) of the Southern Pacific RR, it became a center for the dairy and logging industries, but , Conn.; Atlanta; Cleveland; and San Mateo San Mateo (săn mətā`ō), city (1990 pop. 85,486), San Mateo co., W Calif., on San Francisco Bay; inc. 1894. It is a commercial and retail center with some high-technology manufacturing. San Mateo, Spanish for St. , Calif. Consolidated and expense reduction measures will results in an approximate 10 percent reduction in Arkwright's workforce throughout 1995. All of the improvements made and anticipated are aimed at enhancing the efficiency and effectiveness of risk management services delivered to Arkwright's diverse customer base, which comprises large commercial and industrial corporations throughout the world. "We are confident that these actions, along with our operational plan and strategic direction, will improve the way Arkwright delivers its engineering, underwriting and risk management services," said William J. Poutsiaka, president and chief executive officer. Unacceptable operating results and an increased competitive market supported Arkwright's decision to make important changes to the way the company transacts business. As all insurers continue to face extremely competitive market conditions, noted Poutsiaka, Arkwright will continue to be aggressive in making changes essential to meeting its customers' needs. "We are a very well-positioned organization," Poutsiaka said. "We have a reputation for corporate integrity, a strong balance sheet, talented and dedicated employees and a reputation for expertise in property loss prevention recognized throughout the world. Many of the changes made will further enhance these inherent strengths," he said. "Restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). is happening across the board in the property/casualty business," commented Joanne Morrissey, president, The Firemark Group, Parsipanny, N.J. "Because the market will remain tight and competitive for the foreseeable fore·see tr.v. fore·saw , fore·seen , fore·see·ing, fore·sees To see or know beforehand: foresaw the rapid increase in unemployment. future, this is a responsible step for Arkwright Mutual Insurance Co. to be taking at the time," she said. CONTACT: Arkwright Johanna Hetherton, 617/890-9300 x3680 |
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