No Surprises at Centris
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COSTA MESA — Centris Group Inc. said it expects to post third-quarter net income of $4 million, or 66 cents a share, in line with expectations.
The insurance holding company said it also expects an increase in reserves for its medical lines business to create an after-tax operating loss in the third quarter of about $2.7 million, or 44 cents a share, excluding investment gains.
Centris also said Wednesday that one of its units acquired Allmerica Re, an underwriter of property/casualty insurance, from Hanover Insurance Co. Terms weren’t disclosed.
Meanwhile, investor Lorenzo J. Fertitta cut his stake in Centris to 4.2% from 8.7%, according to documents filed Wednesday with the Securities and Exchange Commission.
In the most recent trading, Fertitta sold 180,000 shares for $19.63 each Sept. 23 and 86,223 shares for $20.25 each Sept. 24.
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