RELIANCE ESTIMATES IMPACT OF HURRICANE ANDREW
RELIANCE ESTIMATES IMPACT OF HURRICANE ANDREW NEW YORK, Sept. 4 /PRNewswire/ -- Reliance Group Holdings, Inc.
(NYSE: REL) said today that it estimates Hurricane Andrew's impact on the company's third quarter earnings will be approximately $20 million after-tax or $.27 per share. The company said the estimate takes into account the losses of all of Reliance's operations.
Reliance said it expects to report approximately break-even results for the third quarter, after the hurricane-related losses. For the first six months of 1992 Reliance reported net income of $42.5 million, or $.57 per share. Reliance Group Holdings, Inc., headquartered in New York City, has major property and casualty, life, title and mortgage insurance operations and provides consulting and technical services. Reliance had 1991 revenues of $3.40 billion and assets at year-end of $11.25 billion. -0- 9/4/92 /CONTACT: Brian T. Martin, vice president-communications of Reliance Group Holdings, 212-909-1247/ (REL) CO: Reliance Group Holdings, Inc. ST: New York IN: INS SU: ERN
PS-OS -- NY032 -- 6929 09/04/92 12:21 EDT
|Printer friendly Cite/link Email Feedback|
|Date:||Sep 4, 1992|
|Previous Article:||GEORGIA-PACIFIC TO PRICE PLYWOOD AT PRE-STORM LEVELS IN HURRICANE- DAMAGED AREAS; ANNOUNCES CASH AND PRODUCT DONATIONS|
|Next Article:||HOECHST-ROUSSEL PHARMACEUTICALS DONATES MEDICINE TO HELP FLORIDA RECOVERY|