TIG Holdings Reports Large 1st-Quarter Loss

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.