Fireman’s Fund Corp. Reports 29% Decline in Profits
Fireman’s Fund Corp. today reported an 11.5% drop in second-quarter earnings and a 29% drop in profits for the first six months of the year.
The decline is due to “effects of the commercial insurance cycle,” in which capital flooding the market forces competition in prices, company spokesman John Kozero said. “Commercial insurance is seeing bargain basement prices throughout the country,” he said.
The company said reported results don’t include potentially adverse impacts if the state Department of Insurance does not approve Fireman’s Fund’s request for exemption from mandated rate rollbacks.