Ohio Casualty Corp., the parent company of a collection of auto, home and business insurers, is planning to offer early retirement to more than 300 staff–approximately 10 percent of its workforce. Ohio Casualty is also withdrawing from auto and home insurance in eight states in a move to better its financial outlook, according to a Reuters report.
Based in Fairfield, the company has reported losses in seven of the last eight quarters, saying it would relieve itself of some unprofitable insurance business and look to raise premium rates in other lines of business.
The insurer plans to withdraw entirely from underwriting personal lines, mainly auto and home insurance, in Alabama, Connecticut, Louisiana, Minnesota, Mississippi, North Dakota, Virginia and Washington.
With the moves, the insurer is projecting overall premium revenues around last year’s figures of $1.50 billion. Premium revenues are forecasted to be $1.48 billion in 2003.
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