Printer Friendly

A&A EXPECTS FOURTH QUARTER CHARGE RELATED TO DISCONTINUED AND SOLD UNDERWRITING OPERATIONS

 NEW YORK, Dec. 18 /PRNewswire/ -- Alexander & Alexander Services Inc. (NYSE: AAL) (A&A) announced today that it expects to record a significant fourth quarter charge related to its discontinued and sold underwriting operations. This action could result in a net loss for the year.
 The charge primarily reflects an anticipated increase in liabilities under the company's previously reported indemnification arrangement with the Sphere Drake Insurance Company. The increase was caused by adverse historic loss developments in worldwide insurance markets.
 Since the majority of the underwriting liabilities are expected to be settled over many years, this charge should not result in an immediate significant cash outlay.
 Mr. T.H. Irvin, chairman and chief executive officer, said, "Our core businesses are producing favorable operating results for the year, and prospects for future growth and profitability continue to be good. We regret that this charge, which is related to discontinued and sold underwriting operations, will detract from these results."
 For the nine months ended Sept. 30, 1992, A&A reported operating income of $65.9 million, an increase of 15 percent over the comparable period of 1991.
 A&A Services Inc. is a global insurance brokerage, risk management and human resource management consulting company serving clients from offices in more than 80 countries.
 -0- 12/18/92
 /CONTACT: Gary Sullivan for Alexander & Alexander Services Inc., 212-840-8500/
 (AAL)


CO: Alexander & Alexander Services Inc. ST: New York IN: INS SU:

LR -- NY008 -- 8063 12/18/92 08:43 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Dec 18, 1992
Words:244
Previous Article:HILCOAST DEVELOPMENT CORP. REPORTS FIRST QUARTER RESULTS
Next Article:NORTH PHILADELPHIA HEALTH SYSTEM COMMEMORATES OPENING OF URGENT CARE CENTER AT GIRARD MEDICAL CENTER TODAY AT NOON
Topics:


Related Articles
MARKEL CORPORATION REPORTS RESULTS
TORCHMARK CORPORATION REPORTS 1995 EARNINGS
Torchmark Corporation Reports 18% Increase in Earnings Per Share From Continuing Operations.
The St. Paul Companies Reports 31% Increase in 1999 Operating Earnings.
Torchmark Corporation Reports Year End and Fourth Quarter 1999 Results.
Markel Reports Fourth Quarter and Year-End Results.
Markel Reports Fourth Quarter and Year End Results.
Markel Reports Return to Underwriting Profits.
Aon Reports Third Quarter Net Income of $122 Million.
Aon Reports Fourth Quarter and Full Year 2007 Results.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters