Des Moines, Iowa-based EMC Insurance Group Inc. says Midwest storm losses will reduce its profit for the year.
The property and casualty insurer is lowering its guidance to a range of $1.20 to $1.45 per share from the previous range of $2.10 to $2.35 per share.
Company officials say they expect catastrophe and storm losses for the second quarter and for the first half of the year to be more than double the losses recorded in the same periods a year ago.
The losses include claims resulting from a tornado that hit northeast Iowa on May 25, killing eight people and destroying or damaging more than 500 homes including many in Parkersburg.
Shares fell 1.9 percent, or 48 cents, to $24.91.
Copyright 2012 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
How States Rank in Injury Prevention
More Top Executives Say Bribes for Business Acceptable
Study: Drug Testing Driving Calif. Workers’ Comp Costs
Maryland’s State-Run WC Insurer IWIF to Become Private Nonprofit Co.
Saints’ Vilma Sues NFL Commissioner Goodell for Defamation
Safety Report Cites Lack of Progress in Reducing Motorcyclist Deaths
A Year after Joplin Tornadoes, $2.16B in Insurance Claims Paid
Safety Inspections Don’t Hurt Businesses; Do Lower Workers’ Comp Costs: Study
