Reliance Group Holdings Inc.’s second-quarter net income...

Reliance Group Holdings Inc.’s second-quarter net income was $13.1 million, down sharply from the year-ago figure of $41.3 million, which included a one-time income tax benefit of $16.3 million relating to title insurance operations. Revenue was $915 million, up 8%. The New York-based insurance firm, which also handles real estate development, consulting and diversified investments, blamed its performance on increasing price competition and lower profits in its property and casualty insurance operations.