ALFA REPORTS CLAIMS FROM DECEMBER TORNADO AND STORM LOSSES
"Montgomery, Ala." The Alfa Insurance Group and Alfa Corp. (nasdaq/NM:ALFA) announced that claims from the recent tornado in the Tuscaloosa area, combined with other claims across the state resulting from that same storm system, are expected to total approximately $16 million for the Alfa Group. The impact of these claims on Alfa Corp.'s fourth quarter earnings is expected to be approximately $1.9 million, after reinsurance and taxes, or $0.05 per diluted share.
|Alfa adjusters Mike Lovelady of Tuscaloosa, left, and Brad Cockerham of Grove Hill, right, assess damage to homes in the Englewood community near Tuscaloosa following a Dec. 16 tornado that killed 11 people and damaged about 400 buildings. Seventeen Alfa adjusters from throughout south and central Alabama were called in to help with the storm. Alfa Insurance is expected to pay $16 million in claims from the deadly storm.|
Commenting on the announcement, Alfa's Chairman, President and Chief Executive Officer Jerry Newby said, "We are truly saddened by the losses suffered by all Alabamians, but are comforted that we have been able to make contact with all of our policyholders who reported claims to help relieve their financial tragedy. Our goal when such an unfortunate event occurs is to contact our policyholders as soon as possible and demonstrate our claims service."
Alfa corp. is engaged in insurance and financial activities through its subsidiaries. The common stock of Alfa Corp. is traded on Nasdaq Stock Market's National Market under the symbol ALFA.