20th Century Industries

American International Group Inc., holder of a 42% stake in 20th Century Industries, said it would be willing to discuss acquiring the property and casualty insurer. AIG also said it is not currently considering selling its interest in Woodland Hills-based 20th Century, according to the New York-based international property and casualty insurer's Schedule 13D amendment filed with the Securities and Exchange Commission.

20th Century Industries, the Woodland Hills-based insurance holding company, saw its earnings slide 1% to $31.5 million in the second quarter that ended June 30. In the year-earlier period, the company had net income of $31.9 million. For the six months that ended June 30, 20th Century's profit was up 2% to $58.4 million from $57.5 million in the same period the year before.

20th Century Industries posted a 5% rise in its first quarter net income despite a 16% drop in revenues. The Woodland Hills-based parent of 20th Century Insurance posted net income of $26.9 million in the quarter that ended March 31, compared with a $25.6-million profit a year earlier. Revenues in the latest quarter were $213.9 million, compared with revenues of $253.9 million a year earlier.

20th Century Industries posted a net loss in the fourth quarter on a 19% drop in revenues. The earnings slide was due in part to a pretax charge of $40 million for additional losses stemming from the 1994 Northridge earthquake. This boosts 20th Century's estimated total damage payouts from the Northridge quake to $1.04 billion. The Woodland Hills-based auto insurer posted a net loss of $7.8 million in the quarter that ended Dec. 31, compared with a $26.

20th Century Insurance, which was almost knocked out of business by $1 billion in Northridge earthquake insurance damage claims, has decided to resume offering homeowners earthquake insurance. 20th Century will offer earthquake insurance as an option to its remaining 68,000 homeowner policyholders as of Feb. 15. This quake coverage will not be part of the new California Earthquake Authority.

20th Century Industries has agreed to a $500,000 settlement of a shareholder lawsuit that alleged mismanagement of the company's earthquake insurance coverage. The Woodland Hills-based parent of 20th Century Insurance has agreed to pay attorneys for shareholders who filed the suit up to $500,000. And the company agreed to set up an ad hoc committee of its board of directors to review its catastrophic-loss policies.

20th Century Industries, the Woodland Hills-based auto insurer, posted a first-quarter profit, compared to a loss last year, as it continued to rebound after receiving nearly $1 billion in damage claims from the Northridge quake. The company posted a $25.6-million profit in the quarter ending March 31, compared to a $1.4-million loss a year earlier, while revenues in the latest quarter fell 6% to $253.9 million, down from $270.1 million.