Reliance Group Holdings Inc.: The New York-based...
From Times Staff and Wire Service Reports
Reliance Group Holdings Inc.: The New York-based insurance, investment and development company reported second-quarter income of $164.7 million, contrasted with a $5.9-million loss for the year-ago period. Revenue was up 26% to $1.15 billion, boosted largely by sale of the company’s General Casualty subsidiary. Profit gains were registered by its title and mortgage insurance units, but soft pricing and a loss of $9 million from fire damage in the recent Santa Barbara-area disaster were blamed for lower profit in property and casualty insurance.
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