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The company said in a statement that the loss estimate is compared with a $113 million loss for the same period in 2008. Last year, the loss contributed 14.9 points to the Cincinnati Financial's combined ratio. This year the cat losses are expected to add 14.5 points. The company said the 10-year annual average is 3.8 points.
"The impact from severe weather was worse than its impact in the first quarter of this year and similar to its impact in the second quarter of last year," said Kenneth W. Stecher, president and chief executive officer. "Most of the second-quarter 2009 losses were due to wind and hail damage from three separate storms with nearly $30 million each in losses. The largest one occurred June 10 through June 18, covering a 13-state area."
Also, Cincinnati Financial (NASDAQ: CINF | Quote | Chart | News | PowerRating) will release a preliminary listing of its fixed-maturity and equity portfolio on its Web site starting the week of July 20. The investment data, as of June 30, "will give investors a preview of an important component of our book value, which will reflect the favorable impact of improved valuation during the second quarter for our investment portfolio," Stecher said.
Cincinnati Financial is expected to release second-quarter earnings on July 30.
Cincinnati Insurance Cos. currently have a Best's Financial Strength Rating of A+ (Superior).
On the morning of July 13, shares of Cincinnati Financial Corp. stock were selling at $22.32, up about 3.6% from the previous close.
(By Chad Hemenway, associate editor, BestWeek: Chad.Hemenway@ambest.com)
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