Losses from severe storms will cut into profits for Ohio Casualty Corp. for second-quarter earnings, increasing the loss the car, home and business insurer was slated to report for the quarter.
Based in Fairfield, the company reported that catastrophe losses of $19 million in the quarter would trim earnings by some 21 cents per share. Those figures could result in a larger-than-expected loss for the company, which on average, was expecting to lose 8 cents per share.
Not alone, Ohio Casualty is the fifth large insurer to be impacted by storm damage in a quarter which included Tropical Storm Allison, along with severe windstorms in the Midwest. Other major insurers warning of losses as a result of storms include Allstate Corp., Chubb Corp., Safeco Corp., and St. Paul Companies.
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