Unitrin, Inc. Announces April Catastrophe Loss Estimate
Unitrin, Inc. (NYSE: UTR) today announced its preliminary estimate of catastrophe losses due to several, severe tornados and other storms during the month of April. The Company estimates second quarter results will include between $65 million and $75 million in pre-tax catastrophe losses related to the April storm activity. Amounts recoverable through reinsurance are estimated to be immaterial.
Customers across more than a dozen states were impacted, with those in North Carolina, South Carolina, Texas and Alabama suffering the largest losses. Unitrin’s catastrophe teams have been on the ground since the storms began, working to provide funds for emergency living expenses and to expedite claims processing. Total claims are estimated to reach approximately 12,000.
Unitrin is a diversified insurance holding company. Its operating subsidiaries principally provide life, auto, homeowners and other insurance products for individuals, families and small businesses.
Unitrin’s principal businesses are:
- Kemper ®, which provides auto, homeowners and other insurance products to individuals through a network of independent agents,
- Unitrin Direct, which markets auto, homeowners and renters insurance to consumers via direct mail, the Internet and employer-sponsored employee benefit programs and other affinity relationships,
- Unitrin Specialty, which provides auto insurance through a network of independent agents and brokers to individuals and small businesses which have had difficulty procuring insurance through traditional channels, usually due to adverse driving records or claim or credit histories, and
- Life and Health Insurance, which specializes in the sale of life and health insurance products to individuals through networks of employee agents and exclusive, independent agents.
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