CA SB1899 requires insurance companies selling homeowners
insurance during the 1994 Northridge earthquake to pay
additional amount of damages. Now I know first hand what
a LONG TAIL insurance liability is -- its the claim from
hell that never quite gets paid off. Or is it your father's
famous story of the fish that keeps growing as the years pass.
Feb 11, 2002 - TW announces 4q01 results in thous of $$$
01 00 01 00
4q01 4q00 yr ending 12/31
Net prems earn 215,537 210,044 864,145 825,486
Net Income (40,966) 1,761 (27,568) 12,945
Shares out 85,350 85,341 85,340 85,397
earns per share (0.48) 0.02 (0.32) 0.15
Couple of things,
1) CA SB1899 impacts 4q01 by req'ing TW to pay addl $50
mill for 1994 earthquake costs
2) TW continues to fight this stuff in court
3) TW continues to repurchase its stock. |
