A first-quarter net loss will require property and casualty insurer Highlands Insurance Group Inc. to trim its workforce by some 115 positions and obtain a charge for restructuring.
According to a Reuters report, the New Jersey-based company pointed to a gain in loss and loss adjustment expense reserves and a larger initial loss and loss adjustment expense ratio, as reasons for the quarterly setback.
The company stated a loss of $14.7 million or $1.11 per diluted share compared with a gain of $2 million or 15 cents per diluted share one year earlier. To restructure the company, Highlands is decreasing the processing of commercial renewal policies from eight locations to a pair. The company figures to take a second-quarter charge of $700,000 due to the restructuring.
Was this article valuable?
Here are more articles you may enjoy.
In Florida Court, Sackler Family Member Admits Felony Tied to Her Opioid Addiction 
New York State Has Budget Deal That Includes Auto Insurance Reforms: Gov. Hochul 
Allianz Commercial Transitions its Standalone Cyber Business to MGA Coalition 
Progressive Insurance Helps First-Time Homebuyers With Down Payments 
