The Hartford today announced its initial loss estimate for Storm Sandy.
The company's gross losses and loss adjustment expenses from the storm
are estimated to be approximately $370 million, before tax. Losses and
loss adjustment expenses net of reinsurance are estimated at $350
million, before tax. Approximately 60 percent of the losses are in the
Property and Casualty Commercial segment and 40 percent in Consumer
Markets. Fourth quarter 2012 net catastrophe losses through Nov. 30,
2012, are currently estimated to be approximately $230 million, after
Hartford will release its fourth quarter 2012 financial results on
Monday, Feb. 4, 2013, at approximately 4:15 p.m. ET and will host a
conference call to discuss these results on Tuesday, Feb. 5, 2013, at 9
a.m. ET. The conference call will be simultaneously webcast on the
investor relations section of the company's website, http://ir.thehartford.com.
These are initial estimates which are expected to change due to the
number of affected policyholders, the nature of the claims, the
preliminary assumptions used to estimate gross losses and other factors.
The ultimate amount of Storm Sandy losses could be materially different
from these initial estimates.
About The Hartford
The Hartford Financial Services Group Inc. (NYSE: HIG) is a leading
provider of insurance and wealth management services for millions of
consumers and businesses worldwide. The Hartford is consistently
recognized for its superior service and as one of the world's most
ethical companies. More information on the company and its financial
performance is available at www.thehartford.com.
Some of the statements in this release may be considered forward-looking
statements as defined in the Private Securities Litigation Reform Act of
1995. We caution investors that these forward-looking statements are not
guarantees of future performance, and actual results may differ
materially. Investors should consider the important risks and
uncertainties that may cause actual results to differ. These important
risks and uncertainties include those discussed in our Quarterly Reports
on Form 10-Q, our 2011 Annual Report on Form 10-K and the other filings
we make with the Securities and Exchange Commission. We assume no
obligation to update this release, which speaks as of the date issued.
Sabra Purtill, CFA, 860-547-8691