EMC Insurance Group Inc., Des Moines, Iowa, expects losses associated with Hurricane Katrina to range from $0.28 to $0.32 per share.
Losses in the property and casualty insurance segment are expected to range from $3.4 million to $3.7 million and reinstatement premiums for the catastrophe reinsurance program are expected to range from $0.8 million to $1.4 million. Losses in the reinsurance segment are expected to be capped at the $1.5 million occurrence limit.
Favorable results during July and August will help offset the impact of Hurricane Katrina on third quarter earnings and management therefore reaffirms its annual earnings guidance of $2.15 per share to $2.40 per share of operating income for calendar year 2005.
EMC Insurance Group Inc., the publicly-held insurance holding company of EMC Insurance Companies, owns subsidiaries with operations in property and casualty insurance and reinsurance. EMC Insurance Companies is one of the largest property and casualty entities in Iowa and among the top 60 insurance entities nationwide.
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