HURRICANE IVAN LOSSES IN ALABAMA $279M TO $325M:

Alabama-based The Alfa Insurance Group and Alfa Corporation have commented on the effects of Hurricane Ivan. “Hurricane Ivan had a significant impact on certain counties in Alabama and created a large number of claims for our companies,” said Jerry Newby, Alfa’s chairman, president and CEO. Alfa relocated adjusters from operations in five states to focus on the areas hardest hit by Ivan. “This group of employees spent long hours working away from their homes to handle the volume of claims created by the storm,” Newby explained. “Our primary focus is to serve our policyholders as soon as possible.” Ivan created claims estimated from $270 million to $325 million for the Alfa Group. The impact of these claims on Alfa Corporation’s third quarter earnings, after reinsurance, taxes and reinsurance reinstatement premiums, is estimated to be approximately $0.01 per diluted share. This estimate is based on the assumption that the ultimate storm loss for the Alfa Group will remain below the upper claims estimate of $325 million.

Topics Catastrophe Natural Disasters Claims Profit Loss Hurricane