Iowa-based EMC Insurance Group Inc. has reported that the company’s reinsurance segment anticipates that losses associated with Hurricane Jeanne, which hit the State of Florida on Sept. 25, will be capped at $1.5 million (or $0.08 per share, after tax) under the terms of the quota share agreement with Employers Mutual Casualty Company, as were the losses from Hurricanes Charley, Frances and Ivan.
Hurricane losses in the property and casualty segment, the majority of which are associated with damage caused by Hurricane Ivan in the Gulf States, continue to be estimated at approximately $2.4 million. Total losses associated with the four hurricanes are estimated to be approximately $8.4 million. On an after-tax basis, these hurricane losses will reduce third quarter earnings by approximately $5.5 million or $0.47 per share.
EMC Insurance Group Inc., the publicly-held insurance holding company of EMC Insurance Companies, owns subsidiaries with operations in property and casualty and reinsurance.
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