H. F. Ahmanson & Co.'s four property-casualty insurance subsidiaries earlier this month ceased writing property-casualty insurance in California, Arizona, Oregon, Texas and Florida, shrinking the companies' business to about one-tenth of its 1984 volume and limiting operations to the state of Nebraska, the parent company said Tuesday.
Property-casualty insurance sales accounted for just $99.6 million of the $2.71 billion in revenue reported last year by Los Angeles-based Ahmanson, whose major revenue producer is Home Savings. But the four insurers, grouped under the name National American Insurance Cos., generated a $17.5-million loss over the last 2 1/2 years, said F. Anthony Kurtz, Ahmanson's chief financial officer.
Ahmanson made the decision to cease such coverage on Aug. 19 but did not announce it publicly at that time. On Monday, Los Angeles-based Fremont General Corp. said it is getting out of the same business because of losses.
'Writing No New Business'
The property-casualty industry lost a record $3 billion last year, continuing a downturn marked by rampant price cutting and subsequent increases in claims losses extending back to 1979.