Allmerica Financial Corporation said despite estimated Hurricane Katrina and Hurricane Rita losses of $170 million, it is declaring a dividend payment of 25 cents a share.

The Worcester, Mass.-based insurer said it estimates its after-tax loss from Hurricane Katrina will be approximately $140 million, or $2.62 a share for the third quarter. The after-tax loss of $140 million is net of reinsurance and includes the cost of reinsurance reinstatement premiums, loss adjustment expense, as well as an estimate for the Louisiana Citizens Fair Plan assessment, the company said.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.


  • All news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including and

Already have an account?



Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join now!

  • Unlimited access to - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including, and
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2022 ALM Global, LLC. All Rights Reserved.