TIG Losses Widen Due to Cost of Transamerica Move
TIG Holdings Inc., the New York-based parent of Transamerica Insurance Group in Woodland Hills, said its losses widened in the second quarter because of restructuring charges, including the cost of moving Transamerica to the Dallas area.
Transamerica’s departure, set for next spring, was announced two weeks ago. It will cost the San Fernando Valley about 1,000 jobs.
TIG Holdings lost $135.5 million in the three months that ended June 30. The property and casualty insurer posted a loss of $31.5 million a year earlier.
For the six months, TIG Holdings had a loss of $180.3 million, compared with a loss of $34.1 million in 1992’s first half.
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