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 forits second quarter, a decline from $9 million in profit it postedone year ago, citing its reserve charge for a discontinuedauto-leasing product.
The company, which specializes in designing and underwritingcommercial property-casualty insurance for niche clients, said itdecided to take a reserve charge of some $33 million afterevaluating the worsening deterioration in used car market pricetrends.
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