ALFA CORPORATION ESTIMATES RECENT 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 thunderstorms that struck Alabama in early April. These thunderstorms produced hail, which caused damage to both automobiles and homes. The April storms generated claims that are estimated to be greater than $10 million for the Alfa Group. The impact of these claims on Alfa Corporation's second quarter earnings, after reinsurance and taxes, is estimated to be between $0.05 and $0.07 per diluted share.
Commenting on the announcement, Alfa's chairman, President and Chief Executive Officer, Jerry A. Newby, said, "We have experienced significant storm activity in April. Our policyholders should take comfort in knowing they have a financially strong company standing behind them in their time of need. We take great pride in our claims service, and I am confident our fast and fair claims service has made it as easy as possible for our policyholders to recover from their losses."
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.