TROUBLES FOR BLANCH

April 3, 2000

Shares of E.W. Blanch Holdings plummeted 62 percent March 21 after it projected lower than expected profits. The Dallas-based holding company experienced first-quarter earnings well below those in the same quarter last year, preliminary results show. First-quarter earnings per share for 1999 were $0.70. The company anticipates earnings per share for this year’s first quarter to be between $0.10 and $0.35. The principal reasons for the anticipated decline are a reduction in domestic revenues from workers’ comp reinsurance placements and large non-recurring transactions; lower than anticipated earnings from international operations; and the timing of certain anticipated significant transactions. Along with the disappointing earnings came the resignation of Rodman Fox, company president and CEO. His responsibilities will be assumed by Chris Walker and Kaj Ahlmann, who will retain their other responsibilities with the company as well.

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Insurance Journal West April 3, 2000
April 3, 2000
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