Alfa Corporation reports estimated impact of recent storms.MONTGOMERY, Ala ALA aminolevulinic acid. Ala alanine. ala (a´lah) pl. a´lae [L.] a winglike process. .--(BUSINESS WIRE)--June 15, 1995--Alfa Corporation today reported the estimated impact of claims from May tornadoes, hail and high winds at $6.5 million or $.16 per share. The estimate reflects the Company's share of claims arising from 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. Pool and is net of 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. Because of the difficulties in predicting total claim counts this estimate is preliminary and could change, although management believes any remaining changes would not be significant. The full impact of storm related claims will be included in the second quarter earnings, which should be released in July. Commenting on the announcement, Alfa's President, Goodwin L, Myrick, said, "Although this is a preliminary estimate, we believe timely disclosure of such claims is appropriate. Our primary emphasis is serving our insureds and paying claims as quickly as possible. In spite of these claims, our financial condition remains strong and we are optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about the outlook for our business." Alfa Corporation is engaged in insurance and financial activities through its subsidiaries. The common stock of Alfa Corporation is traded on the NASDAQ Stock Market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. (National Market) under the symbol ALFA. CONTACT: Alfa Corporation, Montgomery Donald Price, 334/288-3900 |
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