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News and Information Article
WORCESTER, Mass., Nov. 30 /-FirstCall/ -- Allmerica Financial
Corporation (NYSE: AFC), whose name and NYSE ticker symbol will change to "The
Hanover Insurance Group, Inc." and "THG," respectively, effective December 1,
2005, announced estimated gross pre-tax catastrophe losses of approximately $5
million related to Hurricane Wilma.
(Logo: http://www.newscom.com/cgi-bin/prnh/20051031/NEM023LOGO )
The company expects to cede all Hurricane Wilma losses to reinsurers,
subject to a 10 percent co-participation, since year-to-date catastrophe
losses eligible for reinsurance have exceeded the retention limit in the
companys property catastrophe aggregate reinsurance treaty. This reduces the
companys pre-tax estimated loss impact from Hurricane Wilma to approximately
$0.5 million, net of reinsurance.
The companys property catastrophe aggregate reinsurance treaty protects
against multiple catastrophes within the 2005 calendar year. The treaty
provides $50 million of reinsurance coverage in excess of cumulative losses in
the year of approximately $80 million. For purposes of determining the $80
million retention, individual events are capped at $30 million. The company
retains 10% of the risk on the $50 million coverage.
Allmerica Financial Corporation expects to announce its fourth quarter
financial results on Monday, January 30, 2006 with a conference call to follow
on Tuesday, January 31, 2006.
Certain statements in this release, including the companys estimates of
pre-tax catastrophe losses, are forward-looking statements as defined in the
Private Securities Litigation Reform Act of 1995. The company cautions
investors that any such forward-looking statements are estimates which involve
significant judgment and actual results could differ materially. Investors
should consider the risks and uncertainties in our business that may affect
such estimates and future performance, including the difficulties in arriving
at such estimates noted above and that are otherwise discussed in readily
available documents, including the companys annual report and other documents
filed by the company with the Securities and Exchange Commission and which are
also available at http://www.allmerica.com under "Investor Relations" (or
http://www.hanover.com under "investors").
Allmerica Financial Corporation is the holding company for a group of
insurance companies headquartered in Worcester, Massachusetts.
CONTACTS:
Investors: Media:
Sujata Mutalik Michael F. Buckley
(508) 855-3457 (508) 855-3099
smutalik@allmerica.com mibuckley@allmerica.com
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