The operating loss was $1.18 per share, excluding one-time items, versus a profit of $11.1 million, or 18 cents per share in the year-earlier quarter. The results fell below analysts’ forecasts of 18 cents per share profit.
Ohio also reported writing down its agent relationships asset by $42.2 million before taxes during the quarter, cutting profits by 55 cents per share. The move was part of a plan to end its relationship with managing general agents.
Was this article valuable?
Here are more articles you may enjoy.
Florida Committees Approve MGA, Litigation Funding Restriction Bills 
GEICO Settles Call-Center Worker Suits for $940,000; Attorneys Get Half 
Opportunity for Private Flood Insurers With Threat of Another NFIP Lapse 
Howden-Driven Talent War Has Cost Brown & Brown $23M in Revenue, CEO Says 
