Allied Group battles newsletter publ

Schiff's Insurance Observer Publisher David Schiff has raised serious questions about the sales of stock, transfer of stock, stock repurchases and loans that have taken place between Allied Mutual Insurance Co. and its stock affiliate, Allied Group Inc., since 1985. Schiff is trying to obtain a seat on Allied Mutual's board in 1997. Schiff will get rid of the current Allied Mutual board of directors and return as much as $725 million to policyholders of the mutual company.
Allied Group Inc. posted an 11 percent increase in net income in the latest quarter, citing less severe weather, improved underwriting gains and lower underwriting expenses. Meanwhile, despite these solid [...]