SPRINGFIELD, Ill.--(BUSINESS WIRE)--
Horace Mann Educators Corporation (NYSE:HMN) estimates the financial
impact from the Camp Fire in California will total approximately $38
million to $39 million pretax, net of anticipated reinsurance
recoverables offset by reinsurance reinstatement premiums. Under its
catastrophe reinsurance agreements, the company retains the first $25
million of covered losses and 5% of losses from $25 million to $175
million. The estimate represents approximately 25 percentage points on
the company’s fourth quarter 2018 combined ratio, or approximately $0.70
to $0.74 per diluted share after tax.
“The Camp Fire was a devastating event, causing unprecedented damage,”
said Horace Mann President and CEO Marita Zuraitis. “Our focus has been
on making certain our agents and claims professionals are available to
our policyholders. They have been doing a stellar job processing claims
under difficult circumstances.”
The estimated financial impact of the Camp Fire includes preliminary
gross losses of approximately $150 million from claims reported to the
company through December 5 and from future expected claims. The company
noted that losses from the Woolsey Fire are expected to be immaterial.
About Horace Mann
Horace Mann is the largest financial services company focused on
providing America's educators and school employees with insurance and
retirement solutions. Founded by Educators for Educators® in
1945, the company is headquartered in Springfield, Ill. For more
information, visit horacemann.com.
Safe Harbor Statement and Non-GAAP Measures
Statements included in this news release that are not historical in
nature are forward-looking within the meaning of the Private Securities
Litigation Reform Act of 1995 and are subject to certain risks and
uncertainties. Horace Mann is not under any obligation to (and expressly
disclaims any such obligation to) update or revise any forward-looking
statements, whether as a result of new information, future events or
otherwise. Please refer to the company's Quarterly Report on Form 10-Q
for the period ended September 30, 2018 and the company's past and
future filings and reports filed with the Securities and Exchange
Commission for information concerning the important factors that could
cause actual results to differ materially from those in forward-looking
statements. Information contained in this press release includes
measures which are based on methodologies other than accounting
principles generally accepted in the United States (GAAP).
Reconciliations of non-GAAP measures to the closest GAAP measures are
contained in the Appendix to the Investor Supplement and additional
descriptions of the non-GAAP measures are contained in the Glossary of
Selected Terms included as an exhibit to the company’s SEC filings.
View source version on businesswire.com: https://www.businesswire.com/news/home/20181206006000/en/
Heather J. Wietzel
Vice President, Investor Relations
217-788-5144
investorrelations@horacemann.com
Source: Horace Mann Educators Corporation