Cincinnati-based American Financial Group has issued a preliminary estimate of its expected losses from Hurricane Frances.
Based on information available at this time, AFG estimates that its after-tax losses, net of reinsurance, will be approximately $4 million ($.05 per share). The company currently estimates that its after-tax losses from Hurricanes Frances and Charley accumulate to approximately $12 million ($.15 per share).
Carl Lindner III, AFG co-president and head of the P/C Group stated, “As a result of the losses we have incurred from Hurricanes Charley and Frances, we expect our 2004 earnings will be at the lower end of our previously announced earnings guidance range of $2.85 to $3.10 per share. Obviously we are concerned about the human and financial impact of these storms and the potential damage from Hurricane Ivan during the next week. We are committed to working with our insureds to process covered claims as quickly as possible.”
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