Despite substantial underwriting losses, which includes a...

Despite substantial underwriting losses, which includes a $100-million pretax charge to strengthen the liability for unpaid claims and related expenses, New York-based Reliance Group Holdings in 1986 reported a jump in income, before an extraordinary item, compared to 1985. Results include pretax gains on sales of investments of $328.1 million, compared to $166.8 million in 1985, and a pretax gain in 1986 of $80.9 million on the sale of the company’s Canadian property and casualty subsidiary.