IN BRIEF.VALLEY INDEX GAINS: Shares of most companies in the Daily News Index were higher Thursday, led by Newbury Park's Semtech Corp., which gained $2.375 to $52.75. - Daily News MORE DOWNGRADES: The bad news continues for Calabasas-based Superior National Insurance Group Inc. Less than a week after Standard & Poor's cut the stock rating on Superior's Capital Trust I to D from CCC CCC A very speculative grade assigned to a debt obligation by a rating agency. Such a rating indicates default or considerable doubt that interest will be paid or principal repaid. Also called Caa. +, A.M. Best Co. Thursday placed the B++ rating of Superior National under review with negative implications. The rating reflects A.M. Best's concerns related to reserve adequacy and Superior's decreased financial flexibility, issues regarding its current reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. program, and ongoing pressures throughout the workers' compensation workers' compensation, payment by employers for some part of the cost of injuries, or in some cases of occupational diseases, received by employees in the course of their work. market, the company said in a statement. - Daily News STOCK SPLIT: Shareholders of video game maker THQ THQ Toy Headquarters THQ Territorial Headquarters THQ Tehsil Headquarters (Pakistan) THQ The Holy Quran THQ Theater Headquarters Inc. began the day Thursday with 50 percent more shares as they previously had, but at two-thirds the price. Shares of the Calabasas-based company inched higher, gaining 4.73 percent following the 3-for-2 stock split, to close at a price of $36 per share. - Daily News RADIO MERGER: One Place Ltd., a subsidiary of Camarillo-based Salem Communications Salem Communications (NASDAQ: SALM) is a media company specializing in religious and conservative talk radio which operates in the United States, with 99 U.S. commercial radio stations (pending acquisitions) that are primarily concentrated in the nation's biggest markets, Corp., has acquired ICRN ICRN Involved Christian Radio Network .com, a leading Christian media network from the Domain Group. Terms of the transaction were not disclosed. The deal expands OnePlace's streaming broadcast ministries to 120 from 60, more than double the size of its nearest competitor, the company said. Salem is a provider of radio, electronic and printed material for the Christian market. - Daily News Countrywide Credit Industries Inc. completed its $425 million acquisition of Balboa Life and Casualty Group from Associates First Capital Corp. Balboa is one of the leading writers of credit-related insurance in the nation, specializing in creditor-placed auto and homeowners insurance. - Daily News |
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