National Security Group reports year-to-date catastrophe losses estimates
National Security Group released estimates of year to date catastrophe losses through June 30 incurred by property and casualty subsidiary National Security Fire & Casualty. In Q2, property and casualty subsidiary, National Security Fire & Casualty Company was impacted by 13 catastrophe events which produced 958 reported policyholder claims by the end of the second quarter. Estimated losses from Q2 catastrophe events are expected to be approximately $4,774,000. Net of tax, these losses are expected to reduce Q2 net income by $3,151,000 or $1.25 per share vs. 53c per share in 2Q16. During the six-month period ended June 30, National Security Fire & Casualty Company was impacted by 21 catastrophe events producing 1,856 policyholder claims with estimated losses expected to be approximately $9,178,000. Net of tax, these losses are expected to reduce EPS for the six-month period ended June 30 by approximately $6,057,000 or $2.41 per share vs. 91c per share in the year ago period. This pattern of increased frequency of severe thunderstorm activity in 2017 will materially impact Q2 and year to date earnings.