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.
FBI Involved After Two Florida Injury Lawyers Go Missing From Fishing Trip 
Howden US Tells Judge Brown & Brown Employees Fled Due to ‘Mistreatment’ 
Underwriter, Actuary Fears of AI Drop; Work Needed on Collaboration 
CEO Sentenced in Miami to 15 Years in One of the Largest Health Care Fraud Cases 
