Unusually heavy loss claims and sluggish orders...

Unusually heavy loss claims and sluggish orders in January caused First American Financial, parent of First American Title Insurance in Santa Ana, to post a net loss of $3.2 million in the first quarter. It had net income of $11.8 million in last year’s first quarter. Quarterly revenues fell 6%, to $129.4 million this year from $137.6 million. Last year’s quarterly income was boosted by a one-time income tax benefit of $9 million. Jack Derloshon, chief financial officer, said home buying and refinancings had been declining late last year, causing fewer orders through January. In addition, three claims costing a total of about $3 million contributed to the red ink in the first quarter, which is traditionally the company’s weakest quarter. Business started picking up again in February, he said. First American Title operates through a network of 4,500 offices or agents throughout the United States and in Guam, Mexico, Puerto Rico, the Virgin Islands and Great Britain.