Centris Group Buyer Expects Weak Earnings
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Houston insurer HCC Insurance Holdings Inc., which earlier this month agreed to acquire Costa Mesa-based Centris Group Inc., said its earnings for the year will fall short of estimates because of weaker-than-expected results on aviation and property policies.
HCC said 1999 operating profit, excluding capital gains or losses on securities sold, will be about $1.20 a share, 27 cents below analysts’ estimates in a First Call Corp. poll.
Its $171-million purchase of insurer Centris Group will be unaffected by the slump, HCC said.
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