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Article: 20th Century looks for ways to recharge capital. (20th Century Industries Inc.)
- Article from:
- Los Angeles Business Journal
- Article date:
- May 30, 1994
- Author:
CopyrightCOPYRIGHT 1994 CBJ, L.P. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Hard-hit insurer may go outside for capital injection
In order to bolster its financial condition, 20th Century Industries Inc. may share part of its business and profits with a re-insurance company or take out a loan from a financial institution, Rick Dinon, 20th Century senior vice president, told the Business Journal last week.
Woodland Hills-based 20th Century, once one of the most profitable and best regarded property/casualty insurers, has been rocked by $600 million of losses in paying off claims on damage from the Northridge earthquake.
The losses wiped out two-thirds of its capital.
20th Century officials' first preference is to use its ...