Horace Mann Estimates Financial Impact of Camp Fire
06 Décembre 2018 - 11:30PM
Business Wire
Horace Mann Educators Corporation (NYSE:HMN) estimates the
financial impact from the Camp Fire in California will total
approximately $38 million to $39 million pretax, net of anticipated
reinsurance recoverables offset by reinsurance reinstatement
premiums. Under its catastrophe reinsurance agreements, the company
retains the first $25 million of covered losses and 5% of losses
from $25 million to $175 million. The estimate represents
approximately 25 percentage points on the company’s fourth quarter
2018 combined ratio, or approximately $0.70 to $0.74 per diluted
share after tax.
“The Camp Fire was a devastating event, causing unprecedented
damage,” said Horace Mann President and CEO Marita Zuraitis. “Our
focus has been on making certain our agents and claims
professionals are available to our policyholders. They have been
doing a stellar job processing claims under difficult
circumstances.”
The estimated financial impact of the Camp Fire includes
preliminary gross losses of approximately $150 million from
claims reported to the company through December 5 and from future
expected claims. The company noted that losses from the Woolsey
Fire are expected to be immaterial.
About Horace Mann
Horace Mann is the largest financial services company focused on
providing America's educators and school employees with insurance
and retirement solutions. Founded by Educators for Educators® in
1945, the company is headquartered in Springfield, Ill. For more
information, visit horacemann.com.
Safe Harbor Statement and Non-GAAP Measures
Statements included in this news release that are not historical
in nature are forward-looking within the meaning of the Private
Securities Litigation Reform Act of 1995 and are subject to certain
risks and uncertainties. Horace Mann is not under any obligation to
(and expressly disclaims any such obligation to) update or revise
any forward-looking statements, whether as a result of new
information, future events or otherwise. Please refer to the
company's Quarterly Report on Form 10-Q for the period ended
September 30, 2018 and the company's past and future filings and
reports filed with the Securities and Exchange Commission for
information concerning the important factors that could cause
actual results to differ materially from those in forward-looking
statements. Information contained in this press release includes
measures which are based on methodologies other than accounting
principles generally accepted in the United States (GAAP).
Reconciliations of non-GAAP measures to the closest GAAP measures
are contained in the Appendix to the Investor Supplement and
additional descriptions of the non-GAAP measures are contained in
the Glossary of Selected Terms included as an exhibit to the
company’s SEC filings.
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version on businesswire.com: https://www.businesswire.com/news/home/20181206006000/en/
Heather J. WietzelVice President, Investor
Relations217-788-5144investorrelations@horacemann.com
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