ALFA CORPORATION ESTIMATES STORM LOSSES
MONTGOMERY, Ala.-- The Alfa Insurance Group and Alfa Corporation (Nasdaq/NM:ALFA) today announced a preliminary estimate of losses from a series of storm systems that passed through the Southeast in April and May. These storms created claims that are estimated to be approximately $40 million for the Alfa Group. The impact of these claims, after reinsurance and taxes, on Alfa Corporation's second quarter earnings should be approximately $0.06 per diluted share.
Commenting on the announcement, Alfa's Chairman, President and Chief Executive Officer, Jerry A. Newby, said, "It has been a difficult time for many of our policyholders. We have worked diligently to fulfill our financial commitment so that they can recover as soon as possible. Our Company takes great pride in its claims service, especially when so many of our policyholders have experienced a 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.