Insurance company sees drop in shares prices
CHRISTON, Wilkonshire--The Alliance Corporation, an insurance giant, has posted a big loss for the previous quarter.
The Christon-based company reported a loss of over $3 million, or a drop of about 1.6% in share prices, which now stand at $20.85 per share.
The company blames the loss on rising benefits costs for more than 3,000 employees, and a drop in revenue.
CEO Jason Blaine told Christon's Daily Reflector newspaper the company remains strong.
"Alliance is still a strong company, and like most other companies in all industries, we are facing real challenges with this recession, but overall Alliance remains a strong corporation, one of the strongest in the industry," Blaine said.
The insurance industry is crucial to Wilkonshire's economy, as more than 50 major insurance corporations are headquartered in the greater Christon area.
Blaine refused to rule out lay-offs, but a company spokesperson said lay-offs are not likely.
CHRISTON, Wilkonshire--The Alliance Corporation, an insurance giant, has posted a big loss for the previous quarter.
The Christon-based company reported a loss of over $3 million, or a drop of about 1.6% in share prices, which now stand at $20.85 per share.
The company blames the loss on rising benefits costs for more than 3,000 employees, and a drop in revenue.
CEO Jason Blaine told Christon's Daily Reflector newspaper the company remains strong.
"Alliance is still a strong company, and like most other companies in all industries, we are facing real challenges with this recession, but overall Alliance remains a strong corporation, one of the strongest in the industry," Blaine said.
The insurance industry is crucial to Wilkonshire's economy, as more than 50 major insurance corporations are headquartered in the greater Christon area.
Blaine refused to rule out lay-offs, but a company spokesperson said lay-offs are not likely.
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