Alfa Corp. Estimates $40M in Damages from Storms

The Alfa Insurance Group and Alfa Corporation announced a preliminary estimate of losses from a series of storm systems that passed through the Southeast in April and May.

The storms created claims that are estimated to be approximately $40 million for the Alabama-based company. The impact of these claims, after reinsurance and taxes, on Alfa Corporation’s second quarter earnings should be approximately $0.06 per diluted share.

Alfa’s chairman, president and CEO, Jerry Newby, noted, “It has been a difficult time for many of our policyholders. We have worked diligently to fulfill our financial commitment so that they can recover as soon as possible. Our company takes great pride in its claims service, especially when so many of our policyholders have experienced a loss.”