Philadelphia Consolidated Holding Corp. Reports Losses on Weather Events
June 19 2008 - 4:51PM
PR Newswire (US)
BALA CYNWYD, Pa., June 19 /PRNewswire-FirstCall/ -- Philadelphia
Consolidated Holding Corp. (NASDAQ:PHLY) today reported its initial
loss estimates for the following weather events: -- Hail, tornado
and wind losses which occurred in Minnesota, Nebraska, Kansas and
Oklahoma during the period May 22, 2008 through May 26, 2008, and
-- Hail, tornado and wind losses which occurred in Illinois,
Indiana, Kansas, Minnesota, Nebraska, and Oklahoma during the
period May 29, 2008 through June 1, 2008. Although claims
information is preliminary, the Company estimates its net pre-tax
losses related to these events to be approximately $10.0 million
for each of these two events (a total of approximately $20.0
million). The Company estimates a total reduction of second quarter
net income as a result of these events of $13.0 million ($0.18 per
diluted share). Forward-Looking Information This release may
contain forward-looking statements that are based on management's
estimates, assumptions and projections. In connection with the
"safe harbor" provisions of the Private Securities Litigation
Reform Act of 1995, the Company provides the following cautionary
remarks regarding important factors which, among others, could
cause the Company's actual results and experience to differ
materially from the anticipated results or other expectations
expressed in the Company's forward-looking statements. The risks
and uncertainties that may affect the operations, performance,
development, results of the Company's business, and the other
matters referred to above include, but are not limited to: (i)
changes in the business environment in which the Company operates,
including inflation and interest rates; (ii) changes in taxes,
governmental laws, and regulations; (iii) competitive product and
pricing activity; (iv) difficulties of managing growth profitably;
(v) claims development and the adequacy of the Company's liability
for unpaid loss and loss adjustment expenses; (vi) severity of
natural disasters and other catastrophe losses; (vii) adequacy of
reinsurance coverage which may be obtained by the Company; (viii)
ability and willingness of the Company's reinsurers to pay; (ix)
future terrorist attacks; and (x) the outcome of the Securities and
Exchange Commission's industry-wide investigation relating to the
use of non-traditional insurance products, including finite risk
reinsurance arrangements. The Company does not intend to publicly
update any forward looking statement, except as may be required by
law. In operation since 1962, PHLY designs, markets, and
underwrites commercial property/casualty and professional liability
insurance products incorporating value added coverages and services
for select industries. The Company, whose commercial lines
insurance subsidiaries are rated A+ (Superior) by A.M. Best Company
and A1 for insurance financial strength by Moody's Investors
Services, is nationally recognized as a member of Ward's Top 50,
Forbes' Platinum 400 list of America's Best Big Companies and
Forbes' 100 Best Mid-Cap Stocks in America. The organization has 47
offices strategically located across the United States to provide
superior service. DATASOURCE: Philadelphia Consolidated Holding
Corp. CONTACT: Media, Paula Negro, Assistant Vice President,
Marketing, +1-610-766-3227, ; or Investor Relations, Joseph
Barnholt, Assistant Vice President, +1-610-617-7626, , both of
Philadelphia Consolidated Holding Corp. Web site:
http://www.phly.com/
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