TIG Holdings Reports Large 1st-Quarter Loss
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TIG Holdings Inc., the New York-based parent of Transamerica Insurance Group in Woodland Hills, reported a large first-quarter loss after suffering underwriting losses, paying a Proposition 103 settlement and boosting its loss reserves.
The property and casualty insurer lost $44.8 million in the three months ended March 31, compared to a $2.6-million loss a year earlier.
Its net premiums written--a rough equivalent of revenue--fell 4%, to $378.9 million from $394.2 million.
TIG was recently spun off in a public stock sale from San Francisco financial services giant Transamerica Corp.
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