Donegal (DGICA) Now Sees Q4 Loss on Catastrophe Charges
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Donegal Group Inc. (Nasdaq: DGICA) (Nasdaq: DGICB) announced today that its results of operations for the fourth quarter of 2011 will reflect the development of losses from the severe weather events that occurred in the first nine months of 2011.
Losses from catastrophe events earlier in 2011 added approximately $7.1 million to the Company's fourth quarter's losses, including a provision in the amount of $2.4 million for claims incurred but not yet reported at December 31, 2011. In addition to the losses from storms earlier in 2011, the Company incurred $5.0 million of weather-related losses and $6.5 million in large fire losses during the fourth quarter of 2011. The Company currently expects to report a net loss between $0.03 and $0.05 per share of its Class A common stock for the fourth quarter of 2011 as a result of the increased claim activity.
The Street was looking for EPS of 28 cents.
Losses from catastrophe events earlier in 2011 added approximately $7.1 million to the Company's fourth quarter's losses, including a provision in the amount of $2.4 million for claims incurred but not yet reported at December 31, 2011. In addition to the losses from storms earlier in 2011, the Company incurred $5.0 million of weather-related losses and $6.5 million in large fire losses during the fourth quarter of 2011. The Company currently expects to report a net loss between $0.03 and $0.05 per share of its Class A common stock for the fourth quarter of 2011 as a result of the increased claim activity.
The Street was looking for EPS of 28 cents.
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