NU Online News Service, June 15, 1:25 p.m. EDT
Cincinnati Financial Corporation said it estimates approximately $65 million in 2010 second quarter pre-tax catastrophe losses, accounting for an above-average 9 points toward the company's combined ratio.
The company, which provides personal and commercial coverages marketed through independent insurance agencies in 36 states, said second quarter storm losses have averaged 7.7 points over the last 10 years.
Kenneth Stecher, president and chief executive officer of Cincinnati Financial Corporation said second quarter storm losses are typically higher than full-year storm losses, which average 4.2 points toward the combined ratio.
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