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.
Topics Profit Loss
Was this article valuable?
Here are more articles you may enjoy.
How One Fla. Insurance Agent Allegedly Used Another’s License to Swipe Commissions 
Kansas Man Sentenced for Insurance Fraud, Forgery 
The $10 Trillion Fight: Modeling a US-China War Over Taiwan 
Gun Accessory Company to Pay $1.75 Million to Buffalo Supermarket Shooting Victims 
