-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Pj1oCB2Uq15x6FCWcL8aXqYyu64MoX0E03B+un9bu/4zfJx7RWPzLgMS0gPwaMxr XIAy6/yKQA585CRT3cMstg== 0001097833-04-000017.txt : 20040924 0001097833-04-000017.hdr.sgml : 20040924 20040924103307 ACCESSION NUMBER: 0001097833-04-000017 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040923 ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20040924 DATE AS OF CHANGE: 20040924 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ALLMERICA FINANCIAL CORP CENTRAL INDEX KEY: 0000944695 STANDARD INDUSTRIAL CLASSIFICATION: FIRE, MARINE & CASUALTY INSURANCE [6331] IRS NUMBER: 043263626 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-13754 FILM NUMBER: 041044000 BUSINESS ADDRESS: STREET 1: 440 LINCOLN ST CITY: WORCESTER STATE: MA ZIP: 01653 BUSINESS PHONE: 5088551000 MAIL ADDRESS: STREET 1: 440 LINCOLN ST CITY: WORCESTER STATE: MA ZIP: 01653 8-K 1 form8k_092304.txt ALLMERICA FINANCIAL FORM 8K UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 Date of Report (Date of Earliest Event Reported): September 23, 2004 ALLMERICA FINANCIAL CORPORATION ------------------------------- (Exact name of Registrant as specified in its charter) Delaware 1-13754 04-3263626 -------- ------- ---------- (State or other jurisdic- (Commission File Number) (I.R.S. Employer tion of incorporation) Identification No.) 440 Lincoln Street, Worcester, Massachusetts 01653 -------------------------------------------------- (Address of principal executive offices) (Zip Code) (508) 855-1000 -------------- (Registrant's telephone number, including area code) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Aqct (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Aqct (17 CFR 240.13e-4(c)) Item 7.01. Regulation FD Disclosure On September 23, 2004, Allmerica Financial Corporation announced estimated pre-tax catastrophe losses from Hurricane Frances of $20 million. The anticipated charges will be reflected in the Company's third quarter results. The press release is furnished as Exhibit 99.1 hereto. Item 9.01. Financial Statements and Exhibits (a) Not applicable. (b) Not applicable. (c) Exhibits. The following exhibit is furnished herewith. Exhibit 99.1 Press Release dated September 23, 2004, announcing estimated pre-tax catastrophe losses related to Hurricane Frances. 2 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Allmerica Financial Corporation ------------------------------- Registrant By: /s/ Edward J. Parry III ----------------------- Edward J. Parry III Chief Financial Officer, Executive Vice President, Principal Accounting Officer and Director Date: September 23, 2004 3 Exhibit Index Exhibit 99.1 Press Release, dated September 23, 2004, announcing estimated pre-tax catastrophe losses related to Hurricane Frances. 4 EX-99 2 exhibit99_1.txt ALLMERICA FINANCIAL Exhibit 99.1 ALLMERICA FINANCIAL CORPORATION ANNOUNCES HURRICANE FRANCES LOSS ESTIMATE WORCESTER, Mass., September 23, 2004 - Allmerica Financial Corporation (NYSE: AFC) announced estimated pre-tax catastrophe losses of approximately $20 million related to Hurricane Frances. Estimated losses from Hurricane Frances combined with other catastrophe losses eligible for reinsurance under the company's property catastrophe aggregate reinsurance treaty now total $87 million for the year to date. Under this agreement the company retains approximately $80 million of cumulative catastrophe losses for the year and can expect to cede approximately $7 million of Hurricane Frances losses to the reinsurers, subject to a 10 percent retention. The net benefit to the company is expected to be about $6 million, lowering the pre-tax loss impact from Hurricane Frances to $14 million, net of reinsurance. Under the terms of the reinsurance agreement, eligible catastrophe losses for the remainder of 2004, up to a maximum of $43 million, will be covered by the aggregate treaty subject to a 10 percent retention by the company. Estimated pre-tax catastrophe losses net of reinsurance for the quarter to date are approximately $57 million, or $0.95 per share after taxes. The anticipated charges will be reflected in the company's third quarter results. Total estimated pre-tax catastrophe losses for the year to date are at $93 million, net of reinsurance. The company estimates that approximately 56% of the hurricane losses were in its personal lines business, with the balance coming from commercial lines. The company's property catastrophe aggregate reinsurance treaty protects against multiple catastrophes within a year. The treaty provides $50 million of reinsurance coverage in excess of cumulative losses in the year of approximately $80 million. For purposes of the $80 million retention, individual events are capped at $30 million. In addition, the company retains 10% of the risk on the $50 million coverage. Allmerica Financial Corporation is scheduled to announce its third quarter financial results on Monday, October 25. Certain statements in this release, including the Company's estimates of pre-tax catastrophe losses, may be considered to be forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Use of the words "believes", "anticipates", "expects" and similar expressions is intended to identify forward-looking statements. The Company cautions investors that any such forward-looking statements are not guarantees of future performance, and actual results could differ materially. Investors are directed to consider the risks and uncertainties in our business that may affect future performance and that are discussed in readily available documents, including the Company's annual report and other documents filed by Allmerica with the Securities and Exchange Commission and which are also available at www.allmerica.com under "Investor Relations". These uncertainties include the difficulty in estimating catastrophe losses, as well as the possibility of adverse catastrophe experience and severe weather, adverse loss development and adverse trends in mortality and morbidity, changes in the stock and financial markets, changes from assumed surrender activities and assumed stock market returns, adverse selection in underwriting activities and surrender patterns, investment impairments, heightened competition, adverse state and federal legislation or regulation, financial ratings actions, and various other factors, which include the effect of the Company's decision to close its retail broker-dealer operations as well as the anticipated impact and cost of the GMDB hedging program. Allmerica Financial Corporation is the holding company for a group of insurance companies headquartered in Worcester, Massachusetts. CONTACTS: Investors: Media: Sujata Mutalik Michael F. Buckley (508) 855-3457 (508) 855-3099 smutalik@allmerica.com mibuckley@allmerica.com -----END PRIVACY-ENHANCED MESSAGE-----