Unitrin, Inc. Announces May Catastrophe Loss Estimate
Unitrin, Inc. (NYSE: UTR) today announced its preliminary estimate of catastrophe losses from severe storms during the month of May 2011. The Company estimates second quarter earnings will include approximately $20 million in pre-tax catastrophe losses related to the May storm activity. Amounts recoverable through reinsurance are estimated to be immaterial.
Unitrin has refined its estimate of its April catastrophe losses and believes the ultimate losses will be approximately $65 million, the lower end of its previously announced range.
Unitrin is a diversified insurance holding company, with subsidiaries that principally provide life, auto, homeowners and other insurance products for individuals 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 a network of employee agents and exclusive, independent agents.
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