20th Century Delays Results of 2nd Quarter

20th Century Industries, the Woodland Hills parent of 20th Century Insurance, delayed the release of its second-quarter financial results pending its review of a recent decision by California’s insurance commissioner.

Commissioner Roxani M. Gillespie last week proposed that seven insurers, including 20th Century, roll back their rates to comply with Proposition 103, the insurance-reform initiative passed in 1988. 20th Century’s rollback would total about $14 million in premiums.

Although the company is reviewing the matter, 20th Century said it believes Gillespie’s basis for proposing the rollback “would create an inequitable result which will not support the company’s need and ability to raise capital.”