U.S. insurer Reliance Group Holdings has reported greater-than-expected first-quarter losses based on poor underwriting performance. The New York-based company has seen share prices plummet 86 percent over the last two years as concerns about its debt and exposure to the collapsed Unicover workers’ comp pool have arisen.
The company posted a first-quarter operating loss of $36.5 million compared with operating earnings of $11.4 million in the year-earlier quarter. Net profit for the quarter, including $182 million in realized capital gains from securities sales, was $145.5 million compared with a net loss of $15.5 million in the same quarter 1999. First quarter revenues rose to $1.02 billion, up 36 percent from $750 million for the year-earlier quarter.
Topics Profit Loss
Was this article valuable?
Here are more articles you may enjoy.
Farmers Insurance Plans Historic, Rapid Expansion of Agency Force 
Lawsuit Alleges Microbetting Product by DraftKings, FanDuel, NFL Leads to Addiction 
Meta Loses Insurance for Defense in Major Social Media Addiction Litigation 
Taylor Swift Sued for Trademark Infringement Over ‘Life of a Showgirl’ 
