Allmerica Financial Corp. expects fourth-quarter net operating earnings to be reduced by 29 cents per share due to catastrophic losses from winter storms. The company pointed out, however, it would recognize a tax benefit to offset the losses.
The Worcester, Mass.-based company said winter storms in the Midwest, South and Northeast in December resulted in catastrophic losses of $47 million before the effects of reinsurance. The impact on net operating earnings would be $24 million, net of reinsurance.
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