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.
Was this article valuable?
Here are more articles you may enjoy.
Progressive Boosts Exposure With Football Field Logos at 13 Universities 
Jury Finds No Gun Defect, Sides With Sig Sauer in Unintended Discharge Case 
Willis Re Jumpstarts US Expansion With Buy of BMS Re, US 
State Farm Must Give Up Trade Secrets in Claims Lawsuits, but Under Court Review 
