Industry News

Job cuts can’t keep LandAmerica out of the red

Title insurer posts $24 million Q1 loss
Published on Apr 30, 2008

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A 28 percent decline in revenue helped push title insurer LandAmerica Financial Group Inc. to a $24.2 million first-quarter loss, despite ongoing cost-cutting measures that include the elimination of the equivalent of 3,600 full-time positions since the beginning of 2007.

LandAmerica said "persistently" lower residential mortgage originations helped reduce first-quarter revenue to $686.4 million, down from $948.6 million a year ago.

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