Unitrin Expects Up to $15 Million in Gustav Losses

CHICAGO, Sep 03, 2008 (A. M. Best via COMTEX) -- UTR | Quote | Chart | News | PowerRating -- Multiline insurer Unitrin expects losses related to Hurricane Gustav to be in the range of $10 million to $15 million.

Unitrin (NYSE: UTR), which owns 23 wholly owned insurance subsidiaries, said in a brief statement that the estimate is subject to change as claims continue to be reported and adjusted.

This summer, Unitrin completed the sale of its Unitrin Business Insurance operation to AmTrust Financial Services (BestWire, June 4, 2008). The company also recently agreed to acquire automobile insurer Direct Response Corp. and its subsidiaries for about $220 million (BestWire, Sept. 2, 2008).

Unitrin provides life and health, property/casualty insurance as well as consumer financing services such as personal and industrial loans. The group's current underwriting focus is on private passenger automobile and personal lines homeowners coverages, according to an A.M. Best Co. report.

Unitrin Property & Casualty Insurance Group currently has a Best's Financial Strength Rating of A (Excellent).

(By David Dankwa, senior associate editor, BestWeek: David.Dankwa@ambest.com)

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