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Stock Market & Financial Investment News

News Breaks
June 24, 2014
16:02 EDTUFCSUnited Fire & Casualty sees Q2 impact from spring storms 51c-59c per share
United Fire Group announced that it expects its second quarter results to include pre-tax catastrophe losses, net of reinsurance, of approximately $20M-$23M from spring storms. The estimated impact on second quarter earnings is 51c-59c per share, after tax. "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 CEO. "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."
News For UFCS From The Last 14 Days
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October 23, 2014
16:41 EDTUFCSUnited Fire & Casualty sees Q3 EPS (3c)-1c, consensus 43c
The company said, "Catastrophe losses for the third quarter are estimated to add approximately 12 percentage points to the combined ratio, which impacts earnings by approximately $0.59 per share. Although third quarter was a rather benign quarter for catastrophic events, during the latter weeks of the second quarter, a significant number of catastrophic events occurred resulting in more carryover claims than originally anticipated. Third quarter catastrophe losses reflect these carryover claims. As a reminder the numerous catastrophe events during second quarter were geographically disbursed and individually insignificant. The losses in aggregate, however, became significant...We currently expect large losses to impact earnings by approximately $0.61 to $0.65 per share. It is not unusual in any given quarter to receive a multi-million dollar fire claim; however, in third quarter 2014, we experienced eight such events. Some were new claims and some were reserve changes due to additional information from prior events."

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