Florida-based 21st Century Holding Company announced that its subsidiary, Federated National Insurance Company, has received approximately 2,100 claims reported to date in Florida for damages caused by Hurricane Katrina. The claims reported to date represent approximately 90% of the anticipated losses and the company expects an additional 10% to be reported based on historical loss trends.
Richard Widdicombe, CEO of 21st Century Holding Company, said, “Although the severity of damages from Hurricane Katrina in Florida are low, the number of claims received to date indicates that we will experience a loss of approximately $1.9 million, net of income taxes or approximately $0.35 per share. Additional losses, if any, would be covered by our reinsurance.
“The company does not have any property insured in Louisiana, Mississippi or Alabama. Our thoughts and prayers go out to the victims in these states, as these will surely be difficult times for those affected,” Widdicombe added.
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