2023-07-20 17:34:28 ET
Horace Mann Educators ( NYSE: HMN ) is expecting to incur pretax catastrophe losses of $41M-$43M in the second quarter, the insurer said Thursday.
“Across the country, weather events are increasing in frequency and size, resulting in record levels of catastrophe losses for the industry,” said President and CEO Marita Zuraitis.
All in, there were 19 events designated as catastrophes by Property Claims Services in Q2, including multiple severe convective storms across the Midwest and Texas in June.
Illinois-based Horace Mann ( HMN ) expects the catastrophe losses to contribute 26-27 points to the Q2 combined ratio.
Also for Q2, core EPS is targeted at $0.01-$0.03 as "we expect average renewal premiums for property to increase by 17% to 20% in 2023 due to rate increases and other actions," Zuraitis added.
To acknowledge the potential for continued outsized weather through the back half of 2023, it said, catastrophe losses of for the year are expected to hit $95M-$100M.
HMN slipped 2% in after-hours trading.
More on Horace Mann Educators:
- Horace Mann declared quarterly dividend of $0.33 a share
- Horace Mann: Consistent Dividend But P&C Segment Is Struggling
For further details see:
Horace Mann sees Q2 catastrophe losses of up to $43M