A first-quarter net loss will require property and casualty insurer Highlands Insurance Group Inc. to trim its workforce by some 115 positions and obtain a charge for restructuring.
According to a Reuters report, the New Jersey-based company pointed to a gain in loss and loss adjustment expense reserves and a larger initial loss and loss adjustment expense ratio, as reasons for the quarterly setback.
The company stated a loss of $14.7 million or $1.11 per diluted share compared with a gain of $2 million or 15 cents per diluted share one year earlier. To restructure the company, Highlands is decreasing the processing of commercial renewal policies from eight locations to a pair. The company figures to take a second-quarter charge of $700,000 due to the restructuring.
Was this article valuable?
Here are more articles you may enjoy.
How Insurers Know When It’s Time to Scale AI 
Ship Insurers Set for Major Claims From Iran War, Allianz Says 
More Americans Are Moving Away From Flood Risk Than Toward It 
Big I: Independent Agencies’ Market Share Up Slightly in 2025 
