New Jersey’s Selective Insurance Group, Inc. announced that third quarter 2003 results will be impacted by estimated losses from Hurricane Isabel of $10 million, pre-tax, as a result of over 1,900 claims.
The bulletin also said the loss would be partially offset by “revenue of approximately $1 million from Isabel flood claim servicing fees.”
Chairman, President and CEO Gregory E. Murphy stated: “Events like Hurricane Isabel reiterate the competitive advantage provided by our field-based claims operation and 24×7 Claims Service Center — which deliver fast, fair and efficient service to our agents and customers. Although this storm was significant, we anticipate another solid quarter, with net premium written up 19% over the same period last year, driven by ongoing double-digit commercial lines renewal price increases. Our analysis of third quarter 2003 results is not yet complete; however, including Hurricane Isabel losses we anticipate net income per diluted share of between $0.50 and $0.55 for the period, including net realized capital gains of $0.03. That compares with net income of $0.41 per diluted share for the third quarter of 2002, including net realized capital gains of $0.03.”
The Company plans to announce third quarter earnings on November 4, 2003.
Topics Profit Loss Windstorm
Was this article valuable?
Here are more articles you may enjoy.
GM Ends OnStar Driver Safety Program After Privacy Complaints 
Why New York’s Attorney General Objects to Trump’s Bond Insurer 
UnitedHealth Says Hackers Possibly Stole Large Number of Americans’ Data 
JPMorgan Client Who Lost $50 Million Fortune Faces Court Setback 
