Allmerica Says Loss Impact to be Offset
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.
Popular Today
- OpenAI Finds Evidence Other AI Agents Escaped Containment as it Widens Probe
- Why El Niño’s Promise of Quieter Hurricane Season May Not Be Good News for Insurers
- NHTSA Says Some Older Ford Cars, SUVs Pose Unreasonable Safety Risks
- CBIZ Brokerage to Be Spun Off, Backed by Private Equity, After $5B Grant Thornton Deal