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ALLMERICA P & C ESTIMATES STORM LOSSES

 WORCESTER, Mass., March 30 /PRNewswire/ -- Allmerica Property & Casualty Companies, Inc. (Allmerica P & C) (NYSE: APY), a national property and casualty insurance holding whose most significant business holdings are The Hanover Insurance Company (Hanover) and Citizens Corporation (Citizens), today estimated losses in connection with the winter storm that hit much of the East Coast the weekend of March 13 at $4.6 million after reinsurance and taxes.
 Gross losses are estimated at $11 million before taxes, of which approximately $4 million is expected to be recovered from reinsurers. Accordingly, net losses from the storm are expected to be approximately $7 million before taxes.
 These amounts are based on the company's estimates of losses associated with reported claims as well as estimates of losses relating to claims incurred but not reported.
 Allmerica P & C is a member of Allmerica Financial, a diversified group of insurance and financial services companies based in Worcester.
 The Allmerica Financial Companies are: State Mutual Life Assurance Company of America; SMA Life Assurance Company; Allmerica Trust Company, N.A.; 440 Financial Group of Worcester, Inc.; Allmerica P & C; Hanover; Citizens; Citizens Insurance Company; AMGRO, Inc.; Sterling Risk Management Services, Inc.; Allmerica Investments, Inc.; Allmerica Investment Management Company, Inc.; Allmerica Investment Trust; and State Mutual Securities Trust.
 -0- 3/30/93
 /CONTACT: (investor) Edward J. Parry, III, vice president and treasurer of Allmerica Property & Casualty Companies, 508-855-4600; (media) Michael F. Buckley, director of public information, Allmerica Property & Casualty Companies, 508-855-3099/
 (APY)


CO: Allmerica Property & Casualty Companies, Inc. ST: Massachusetts IN: INS SU:

CH -- NE016 -- 9731 03/30/93 16:06 EST
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Publication:PR Newswire
Date:Mar 30, 1993
Words:262
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