Alfa Corporation Estimates Storm Losses.Business Editors MONTGOMERY, Ala ALA aminolevulinic acid. Ala alanine. ala (a´lah) pl. a´lae [L.] a winglike process. .--(BUSINESS WIRE)--May 28, 2002 The Alfa Insurance Group and Alfa Corporation (Nasdaq/NM:ALFA) today announced a preliminary estimate of losses from a storm system that passed through Alabama April 28 through April 30, 2002, creating claims that are estimated to be approximately $7.5 million for the Alfa Group Alfa Group Consortium is one of Russia's largest privately owned financial-industrial conglomerates, with interests in oil and gas, commodities trading, commercial and investment banking (Alfa Bank), insurance, retail trade and telecommunications. . The impact of these claims, after reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. and taxes, on Alfa Corporation's second quarter earnings should be approximately $0.08 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share. Commenting on the announcement, Alfa's chairman, President and Chief Executive Officer, Jerry A. Newby, said, "Our claims adjusters have been out in the field and, as always, have done an excellent job settling these claims as soon as possible. We take great pride in our customer service, especially when our policyholders have had a personal loss." Alfa Corporation is engaged in insurance and financial activities through its subsidiaries. The common stock of Alfa Corporation is traded on Nasdaq Stock Market's National Market under the symbol ALFA. Investors are cautioned that statements in this press release which relate to the future are, by their nature, uncertain and dependent upon numerous contingencies Contingencies (ISSN 1048-9851) is the bimonthly magazine of the American Academy of Actuaries, providing a large and diverse readership with general interest and technical articles on a wide range of issues related to the actuarial profession. -- including political, economic, regulatory, climatic, competitive, legal, and technological -- any of which could cause actual results and events to differ materially from those indicated in such forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . Additional information regarding these and other risk factors and uncertainties may be found in Alfa Corporation's filings with the Securities and Exchange Commission |
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