Loss reports continue to roll in after April and May severe weather. The Cincinnati Insurance Companies' property/casualty group expects its second-quarter results to include pre-tax catastrophe losses, net of reinsurance, of approximately $240 million to $290 million. This total includes the company's previously announced catastrophe loss estimate for April storms, which has now been updated to approximately $155 million to $190 million, net of reinsurance.
"Much of the United States continued to see a higher than usual level of spring storm activity, raising our catastrophe losses well above our historical second-quarter average,” says Steven Johnston, Cincinnati Financial Corp. president and CEO.
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