Philadelphia Consolidated Second Quarter Declines
NU Online News Service, July 17, 4:20 p.m. EDT?Philadelphia Consolidated Holding, a Bala Cynwyd, Pa.-based specialty insurer, posted $3.6 million in net income for its second quarter, a decline from $9 million in profit it posted one year ago, citing its reserve charge for a discontinued auto-leasing product.
The company, which specializes in designing and underwriting commercial property-casualty insurance for niche clients, said it decided to take a reserve charge of some $33 million after evaluating the worsening deterioration in used car market price trends.
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