The National Security Group, Inc. Releases Estimates of Spring Storm Losses
Our property and casualty segment can be impacted by severe storm activity resulting in incurred losses and loss adjustment expenses primarily from tornado, wind and hail related damage. These storm systems or other natural disasters are classified as catastrophes (referred to as "cat events" or "catastrophe events" throughout the remainder of this document) by Property Claim Service (PCS) when these events cause
During the first quarter of 2017,
While an active spring storm season is not unusual, higher than normal temperatures in January of 2017 led to an early start to the traditional "spring storm season" which usually leads to increases in storm activity in March, April and May. According to weather.com, January's tornado outbreak was the third largest outbreak during the winter months on record and caused extensive damage in the
The unusually warm weather in the
Due to the negative impact of the cat losses, we expect to end the first quarter of 2017 with a consolidated net loss in the range of
In addition to the negative impact catastrophe events had on first quarter of 2017 results, we are also disclosing the following forward looking information.
During the first week of
Information about forward-looking statements
Any statement contained in this report which is not a historical fact, or which might otherwise be considered an opinion or projection concerning the Company or its business, whether expressed or implied, is meant as and should be considered a forward-looking statement as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on assumptions and opinions concerning a variety of known and unknown risks, including but not limited to changes in market conditions, natural disasters and other catastrophic events, increased competition, changes in availability and cost of reinsurance, changes in governmental regulations, technological changes, political and legal contingencies and general economic conditions, as well as other risks and uncertainties more completely described in the Company’s filings with the
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