Fireman’s Fund Corp. : The Novato, Calif.,...

Fireman’s Fund Corp. : The Novato, Calif., insurance firm reported first-quarter net income of $36.5 million, down 43% from a year ago. Revenue slipped 15.7% to $830.7 million. The company attributed the revenue drop to its attempts to hold the line on prices while commercial insurance rates weaken throughout the industry. But despite the attempts, the company’s underwriting ratio, which measures the cost of insurance compared to revenue from premiums, rose to 113.6% from 107.5% in the year-earlier quarter.