ALFA CORPORATION ESTIMATES STORM LOSSES
The Alfa Insurance Group and Alfa Corporation (Nasdaq/NM:ALFA) today announced a preliminary estimate of losses from a storm system that passed through Alabama April 28 through April 30, 2002, creating claims that are estimated to be approximately $7.5 million for the Alfa Group. The impact of these claims, after reinsurance and taxes, on Alfa Corporation's second quarter earnings should be approximately $0.08 per diluted share.
Commenting on the announcement, Alfa's chairman, President and Chief Executive Officer, Jerry A. Newby, said, "Our claims adjusters have been out in the field and, as always, have done an excellent job settling these claims as soon as possible. We take great pride in our customer service, especially when our policyholders have had a personal loss."
Alfa Corporation is engaged in insurance and financial activities through its subsidiaries. The common stock of Alfa Corporation is traded on Nasdaq Stock Market's National Market under the symbol ALFA.