Hit by an assessment for worker compensation and by restructuring charges, USF&G Corp. today reported a loss of $55 million, or 70 cents a share, during the year's first quarter. In the 1990 first quarter, the company had a profit of $51 million, or 56 cents a share.
The loss comes as the giant Baltimore insurance company is dramatically revamping its operations. As a result, the company had a loss of $569 million last year and has eliminated 2,825 jobs, about a quarter of its work force. Continuing the restructuring, USF&G took $21 million in charges in the first quarter related to streamlining its property and casualty business.
The first-quarter loss included a $20 million involuntary assessment from the National Workers' Compensation Reinsurance Pool. The pool, which is administered by the National Council on Compensation Insurance, provides extra insurance for high-risk policies that are assigned to companies that handle worker compensation insurance.