The National Security Group, Inc. Releases Quotes of 2nd Quarter Catastrophe Losses – Yahoo Finance

17July 2020


The National Security Group, Inc. Releases Estimates of Second Quarter Catastrophe LossesThe National Security Group, Inc. Releases Estimates of Second Quarter Catastrophe Losses

The National Security Group, Inc.( NASDAQ: NSEC)released an initial estimate of disaster losses( described as”cat occasions”or “disaster events “throughout the remainder of this release)from home and casualty subsidiary National Security Fire & Casualty (NSFC)for the three and 6 months periods ending June 30, 2020. During the 2nd quarter of 2020, NSFC was adversely affected by several extreme weather occasions that added to raised insured losses due to damage from strong winds, hail and twisters. NSFC was impacted by 15 disaster occasions which produced 1,464 reported insurance policy holder claims totaling$9,739,000. In comparison, NSFC was affected by 11 disaster events throughout the second quarter of 2019 from 378 reported claims totaling $1,908,000. April of 2020 was our most active month of any spring storm season given that 2011, with six feline occasions occurring during the month. These six feline events impacted insurance policy holders in every state in which NSFC runs and produced$7,806,000 in insured losses throughout the second quarter of 2020 from 1,133 reported claims through June 30, 2020. For comparison, in April of 2019, we sustained losses from 5 feline events totaling$1,092,000 from 221 reported claims. For the very first six months of 2020, NSFC had 2,002 reported claims from 20 cat events through June 30, 2020 amounting to$11,991,000. In contrast, NSFC was affected by 14 feline events through June 30, 2019 from 519 reported claims totaling$2,863,000. Our second quarter and year to date results of operations for the period ended June 30, 2020 will be materially affected by these disaster losses.

Three of the largest present year cat events happened from April 10, 2020 through April 24, 2020. Claims reported through June 30, 2020 from these 3 feline events totaled $7,396,000 and represented 75.9 %of all 2nd quarter 2020 disaster losses impacting NSFC. The Company preserves catastrophe reinsurance protection to alleviate loss exposure from catastrophic events. With our 2020 catastrophe agreement positioning, our single event disaster retention remained unchanged from the prior year at$4 million. In our 2020 agreement, we maintained our underlying 2nd occasion layer of $ 2 million in excess of $2 million. This additional coverage efficiently reduces our 2nd occasion retention to$2 million. Likewise unchanged from last year, we preserve catastrophe reinsurance covering sustained claims of a single disaster occasion as much as$72.5 million. Our disaster reinsurance has a reinstatement provision for one event and covers the cost of a second event as much as the same$72.5 million ceiling.

While we were impacted by numerous disaster events in the 2nd quarter of 2020, based upon existing advancement none of these occasions separately exceeded our$4 million very first event catastrophe reinsurance retention.< p class="canvas-atom canvas-text Mb(1.0 em )Mb( 0)– sm Mt(0.8 em)– sm"type ="text "material ="After a substantial decline in late February and March, our investment portfolio enhanced considerably in the 2nd quarter of 2020 with consolidated pre-tax gains amounting to around $4 million. The boost was mostly associated with net investment gains in equity securities paired with an increase in latent gains in fixed maturity securities.

<p class="canvas-atom canvas-text Mb(1.0em) Mb( 0 )–sm Mt(0.8em)–sm" type="text" content="About The National Security Group, Inc” data-reactid=”25″>“data-reactid=”24” > After a significant decline in late February and March, our

<p class="canvas-atom canvas-text Mb(1.0em) Mb( 0 )–sm Mt(0.8em)–sm" type="text" content="The National Security Group, Inc. (NASDAQ Symbol: NSEC), through its property and casualty and life insurance subsidiaries, offers property, casualty, life, accident and health insurance in ten states. The Company primarily writes personal lines property coverage including specialty market dwelling fire and windstorm, homeowners and mobile homeowners lines of insurance. The Company also offers life, accident and health, supplemental hospital and cancer insurance products. The Company was founded in 1947 and is based in Elba, Alabama. Additional information about the Company, including additional details of recent financial results, can be found on our website: www.nationalsecuritygroup.com.” data-reactid=”26″>investment portfolio improved significantly in the second quarter of 2020 with combined pre-tax gains totaling roughly$4 million. The increase was mainly associated with net financial investment gains in equity securities paired with an increase in latent gains in fixed maturity securities. About The National Security Group, Inc www.nationalsecuritygroup.com .”data-reactid=”26″ > The National Security Group,>Inc.(NASDAQ Sign: NSEC), through its residential or commercial property and casualty and life insurance coverage subsidiaries, provides home, casualty, life, mishap and health insurance in 10 states. The Business mostly writes individual lines residential or commercial property coverage including specialty markethome fire and windstorm, property owners and mobile house owners lines of insurance coverage. The Business likewise uses life, accident and health, additional healthcare facility and cancer insurance coverage items.

The Company was established in 1947 and is based in Elba, Alabama. Additional info about the Company, consisting of additional information of current monetary results, can be discovered on our website: www.nationalsecuritygroup.com. Info about forward-looking statements< p class ="canvas-atom canvas-text Mb(1.0 em )Mb (0)– sm Mt(0.8 em)– sm" type="text"material= "Any declaration included in this report which is not a historic fact, or which might otherwise be considered an opinion or projection concerning the Business or its organisation, whether expressed or suggested, is indicated as and need to be thought about a forward-looking statement as that term is defined in the Personal Securities Lawsuits Reform Act of 1995. Positive declarations are based on presumptions and opinions worrying a variety of recognized and unidentified dangers, including but not limited to modifications in market conditions, natural disasters and other catastrophic occasions, increased competition, modifications in availability and cost of reinsurance, changes in governmental policies, technological modifications, political and legal contingencies and basic financial conditions, along with other dangers and unpredictabilities more completely explained in the Company's filings with the Securities and Exchange Commission. If any of these assumptions or viewpoints proves inaccurate, any forward-looking statements made on the basis of such presumptions or viewpoints may likewise prove materially inaccurate in one or more respects and might cause future results to differ materially from those considered, forecasted, estimated or allocated in such forward-looking declarations.

28″> Any declaration contained in this report which is not a historical truth, or which may otherwise be thought about an opinion or forecast worrying the Business or its business, whether expressed or suggested, is meant as and must be considered a forward-looking declaration as that term is specified in the Personal Securities Lawsuits Reform Act of 1995. Forward-looking statements are based on presumptions and opinions worrying a variety of recognized and unknown risks, consisting of however not restricted to modifications in market conditions, natural disasters and other catastrophic occasions, increased competitors, changes in availability and expense of reinsurance, modifications in governmental regulations, technological changes, political and legal contingencies and general economic conditions, in addition to other risks and uncertainties more completely explained in the Company’s filings with the Securities and Exchange Commission. If any of these presumptions or viewpoints proves inaccurate, any forward-looking declarations made on the basis of such assumptions or opinions might also prove materially incorrect in several aspects and may cause future outcomes to vary materially from those pondered, predicted, approximated or budgeted in such forward-looking declarations. Story continues < p class="canvas-atom canvas-text Mb(

<p class="canvas-atom canvas-text Mb(1.0em) Mb( 0 )–sm Mt(0.8em)–sm" type="text" content="View source version on businesswire.com: https://www.businesswire.com/news/home/20200717005553/en/” data-reactid=”34″>1.0 em )Mb(0)– sm Mt( 0.8 em)– sm”type=”text “content=”Significant uncertainties still remain regarding the supreme impacts of the COVID-19 pandemic on future premium, losses and investment results. These unpredictabilities could have a material unfavorable influence on our net income and outcomes of operations. Additional details and disclosures related to run the risk of factors are gone over in our 2019 Annual Report on Form 10-K along with our most current Kind 10-Q and need to be read in conjunction with this Type 8-K.”data-reactid=”33”> Considerable uncertainties still remain concerning the ultimate effects of the COVID-19 pandemic on future premium, losses and investment results. These unpredictabilities could have a product negative influence on our net income and results of operations. Extra information and disclosures related to run the risk of factors are discussed in our 2019 Yearly Report on Kind 10-K as well as our latest Kind 10-Q and ought to be read in combination with this Type 8-K. https://www.businesswire.com/news/home/20200717005553/en/“data-reactid=”34” > View source version on businesswire.com: https://www.businesswire.com/news/home/20200717005553/en/ Contacts Brian McLeod Chief Financial Officer @ (334) 897-2273. Source: finance.yahoo.com

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