Unitrin, Inc. Announces May Catastrophe Loss Estimate
June 28 2011 - 5:57PM
Business Wire
Unitrin, Inc. (NYSE: UTR) today announced its preliminary
estimate of catastrophe losses from severe storms during the month
of May 2011. The Company estimates second quarter earnings will
include approximately $20 million in pre-tax catastrophe losses
related to the May storm activity. Amounts recoverable through
reinsurance are estimated to be immaterial.
Unitrin has refined its estimate of its April catastrophe losses
and believes the ultimate losses will be approximately $65 million,
the lower end of its previously announced range.
Unitrin is a diversified insurance holding company, with
subsidiaries that principally provide life, auto, homeowners and
other insurance products for individuals and small businesses.
Unitrin’s principal businesses are:
- Kemper®, which provides auto,
homeowners and other insurance products to individuals through a
network of independent agents,
- Unitrin Direct, which markets
auto, homeowners and renters insurance to consumers via direct
mail, the Internet and employer-sponsored employee benefit programs
and other affinity relationships,
- Unitrin Specialty, which
provides auto insurance through a network of independent agents and
brokers to individuals and small businesses which have had
difficulty procuring insurance through traditional channels,
usually due to adverse driving records or claim or credit
histories, and
- Life and Health Insurance, which
specializes in the sale of life and health insurance products to
individuals through a network of employee agents and exclusive,
independent agents.
Forward Looking Statements & Risk
Factors:
This news release contains forward-looking statements about
catastrophe losses. These statements are based on our estimates and
assumptions that are subject to uncertainty. These statements are
made subject to the safe-harbor provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements give expectations or forecasts of future events. These
statements can be indentified by the fact that they do not relate
strictly to historical or current facts. They use words such as
“believe(s),” “goal(s),” “target(s),” “estimate(s),”
“anticipate(s),” “forecast(s),” “project(s),” “plan(s),”
“intend(s),” “expect(s),” “might,” “may” and other words and terms
of similar meaning in connection with a discussion of future
operating financial performance or financial condition. These
statements are based on current expectations and the current
economic environment. They involve a number of risks and
uncertainties that are difficult to predict. These statements are
not guarantees of future performance; actual results could differ
materially from those expressed or implied in the forward-looking
statements. Forward-looking statements can be affected by
inaccurate assumptions or by known or unknown risks and
uncertainties. No assurances can be given that the results
contemplated in any forward-looking statements will be achieved or
will be achieved in any particular timetable. The Company assumes
no obligation to publicly correct or update any forward-looking
statements as a result of events or developments subsequent to the
date of this presentation. The reader is advised, however, to
consult any further disclosures Unitrin makes on related subjects
in its filings with the SEC.
Kemper® is a registered service mark of Unitrin, Inc.
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