BIRMINGHAM, Ala., Sept. 6, 2017 /PRNewswire/ -- Infinity
Property and Casualty Corporation (NASDAQ: IPCC) today announced
estimated catastrophe losses related to Hurricane Harvey.
Hurricane Harvey made landfall in Texas on Friday, August
25, 2017, as a Category 4 hurricane. The storm
produced unprecedented rainfall and significant flooding.
Infinity writes private passenger and commercial automobile
insurance policies in Texas. Claims handling is on-going and,
through September 5, we have received
2,506 reported claims.
Based on current information available, we anticipate that we
will exceed the retention on our catastrophe reinsurance program
and have total losses of approximately $10
to $15 million before-tax ($6.5 to
$9.8 million after-tax), net of reinsurance recoveries and
including reinstatement premium, for all product lines in
connection with this historic event.
For 2017, our catastrophe reinsurance protection is $95 million in excess of $5 million per event. The first
$10 million of coverage is reinsured
at 50% with the remaining layers at 100%. Each layer has one
reinstatement. All reinsurers on the program are rated "A" or
better by A. M. Best.
Infinity Property and Casualty Corporation (NASDAQ: IPCC) is a
provider of personal and commercial automobile insurance primarily
meeting the needs and choices of urban and Hispanic
customers. Its products are offered through a network of
approximately 10,800 independent agencies and brokers. For
more information about Infinity, please
visit http://www.infinityauto.com.
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SOURCE Infinity Property and Casualty Corporation