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October 21, 2011
16:33 EDTPMICPenn Millers Holdings announces Q3 catastrophe losses
Penn Millers Holding announced that it estimates that it incurred pre-tax catastrophe losses and loss adjustment expenses, net of reinsurance, of approximately $3.4m for the third quarter ending September 30. The majority of the losses arose from Hurricane Irene, which accounted for approximately $2.4m of the total. The remaining catastrophe losses were mostly attributable to various flooding, hail, and wind events in the Midwest. These weather losses will cause the Company to incur a loss from operations for the third quarter.
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