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Article: Loan of $175 million allows insurer 20th Century to hike its capital base. (20th Century Industries)
- Article from:
- Los Angeles Business Journal
- Article date:
- July 4, 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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A $175 million bank loan will enable 20th Century Industries Inc. to write insurance on a leverage basis considered financially safe by regulators and industry experts.
Woodland Hills-based 20th Century announced last week it had received a joint commitment from First National Bank of Chicago and San Francisco-based Union Bank for a $175 million loan.
Once one of the most profitable and best regarded property/casualty insurers in the nation, 20th Century also announced last week it expects to pay out $685 million, not $600 million as previously announced, on claims from the Northridge earthquake. The losses wiped out two-thirds of the company's capital and ...