United Fire Group (UFCS) Sees Q2 EPS Impact of Catastrophe Losses at 51c to 59c

United Fire Group (Nasdaq: UFCS) announced that it expects its second quarter results to include pre-tax catastrophe losses, net of reinsurance, of approximately $20.0 million - $23.0 million from spring storms. The estimated impact on second quarter earnings is $0.51 to $0.59 per share, after tax.

The Street sees Q2 EPS of $0.51.

"Over the last 10 years, catastrophe losses for the second quarter have had an average impact of 8.8 percentage points on the combined ratio," stated Randy Ramlo, President and Chief Executive Officer. "The impact of these storms will cause us to exceed that average for the quarter. Though none of the individual storms had a material impact on our earnings, the aggregate of storms during the quarter is significant."

"We expect more than 1,500 claims from these catastrophic events," continued Ramlo. "These storms were numerous and were not confined to the Midwest, but rather, occurred from Montana to Texas to New Jersey."

"Our adjusters were in the impacted storm areas immediately after the events identifying claims by employing our advanced technology to immediately contact policyholders in affected areas," stated Ramlo, "sometimes before they had an opportunity to contact us. Meeting the needs of our policyholders effectively and efficiently is our number one priority during crisis."

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