American Financial Group Announces Preliminary Estimate on Hurricane Katrina Losses
20 9월 2005 - 6:46AM
PR Newswire (US)
CINCINNATI, Sept. 19 /PRNewswire-FirstCall/ -- American Financial
Group, Inc. (NYSE:AFG) Nasdaq today issued a preliminary estimate
of its expected loss from Hurricane Katrina. Based on information
available at this time, AFG estimates that its after-tax loss, net
of reinsurance, will be approximately $20 million. This preliminary
estimate is based on a significant amount of judgment as well as
information derived from catastrophe modeling software. However,
due to legal and regulatory uncertainty, the size and complexity of
the hurricane, limited access to impacted areas and the nature of
the losses being reported, our aggregate loss will not be known for
some time. (Logo:
http://www.newscom.com/cgi-bin/prnh/20041208/CLW086LOGO )
Substantially all of the claims reported are from commercial
policies covering businesses located in the affected areas of
Louisiana, Mississippi and Alabama. Carl H. Lindner III, AFG
Co-Chief Executive Officer and head of the Property and Casualty
Insurance Group, stated: "We extend our deepest sympathies to all
those who have been affected by the devastation caused by Hurricane
Katrina. Our claims teams are working with our agents and
policyholders to identify and process covered claims as efficiently
as possible in this extremely challenging environment." AFG's
insurance operations not affected by Hurricane Katrina continue to
report strong operating earnings. Even with the currently estimated
loss from this unprecedented catastrophe, the Company believes that
the core earnings guidance for 2005 of between $3.40 and $3.70 per
share remains achievable. However, it is still early in the process
and there could be further developments that are unforeseen at this
time. Through the operations of the Great American Insurance Group,
AFG is engaged primarily in property and casualty insurance,
focusing on specialized commercial products for businesses, and in
the sale of retirement annuities, supplemental insurance and life
products. Forward-Looking Statements This press release contains
certain statements that may be deemed to be "forward-looking
statements" within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934. All
statements in this press release not dealing with historical
results are forward-looking and are based on estimates, assumptions
and projections. Examples of such forward-looking statements
include statements relating to: recoverability of asset values;
expected losses and the adequacy of reserves for asbestos,
environmental pollution and mass tort claims; rate increases and
improved loss experience. Actual results could differ materially
from those expected by AFG depending on certain factors including
but not limited to: the unpredictability of possible future
litigation if certain settlements do not become effective, changes
in economic conditions including interest rates, performance of
securities markets, the availability of capital, regulatory actions
and changes in the legal environment affecting AFG or its
customers, tax law changes, levels of natural catastrophes,
terrorist activities, including any nuclear, biological, chemical
or radiological events, incidents of war and other major losses,
development of insurance loss reserves and other reserves,
particularly with respect to amounts associated with asbestos and
environmental claims, availability of reinsurance and ability of
reinsurers to pay their obligations, trends in mortality and
morbidity, competitive pressures, including the ability to obtain
rate increases, and changes in debt and claims paying ratings.
http://www.newscom.com/cgi-bin/prnh/20041208/CLW086LOGO
http://photoarchive.ap.org/ DATASOURCE: American Financial Group,
Inc. CONTACT: Anne N. Watson, Vice President-Investor Relations,
+1-513-579-6652, or http://www.greatamericaninsurance.com/ Web
site: http://www.afginc.com/ http://www.greatamericaninsurance.com/
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