Kemper Corp. disclosed that its pre-tax catastrophe losses will hit between $35 million and $45 million for the 2016 first quarter.
What’s more, the Chicago-based insurer said it doesn’t expect to recover any of those losses under its catastrophe reinsurance program. The catastrophe losses were related to a number of storms, but Kemper said that a March 23 hail storm in north Texas “heavily impacted its policyholders” in particular.
We’ll know details after Kemper issues its 2016 first quarter earnings on May 5.
Industry watchers will likely be following Kemper closely in terms of its Q1 2016 results, particularly its struggling P/C segment, which produced a $5.1 million operating loss in the 2015 fourth quarter. That loss stemmed from poor results at Alliance United, a non-standard auto provider Kemper acquired in May 2015.
At the time Kemper Disclosed its Q4 2015 results in February, the insurer announced that Denise Lynch would leave her position as P/C group executive, to pursue other opportunities.