TIG’s Quake Losses May Hit $33 Million
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TIG Holdings Inc., the New York parent of TIG Insurance, said its net losses from the Northridge earthquake would exceed previous estimates, to about $33 million before taxes.
TIG Holdings said it has catastrophe reinsurance protection for 75% of gross losses above $30 million and up to $50 million, and for 95% of gross losses above $50 million and up to $200 million.
TIG Insurance, formerly called Transamerica Insurance Group, is in the process of moving from Woodland Hills to Irving, Tex. The relocation is expected to be completed in the second quarter of 1994.
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