UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report: June 26, 1998
FARM FAMILY HOLDINGS, INC.
A Delaware Corporation Commission File No. 1-11941 IRS No. 14-1789227
344 Route 9W, Glenmont, New York 12077-2910
Registrant's telephone number: (518) 431-5000
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Item 5. Other Events
On June 25, 1998, Farm Family Holdings, Inc. issued a press release
announcing that it estimates catastrophe losses from tornadoes and severe
thunder storms of approximately $2.0 million pre-tax for the second quarter.
Item 7. Financial Statements and Exhibits
The following exhibits are filed as part of this report:
Exhibit Index
Exhibit 99 - Press Release
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 thereunto duly authorized.
FARM FAMILY HOLDINGS, INC.
(Registrant)
June 26, 1998 /s/ Philip P. Weber
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(Date) Philip P. Weber
President and CEO
<PAGE>
Exhibit 99
News Release
FOR IMMEDIATE RELEASE CONTACT: Timothy A. Walsh
Executive Vice President - Finance &
Treasurer, (518) 431-5410
Farm Family Holdings Announces Estimated Storm Losses
Glenmont, New York - June 25, 1998 - - Farm Family Holdings, Inc. (NYSE: FFH)
announced today that it estimates catastrophe losses from tornadoes and severe
thunder storms of approximately $2.0 million pre-tax for the second quarter. The
severe weather activity added losses of approximately $1.5 million on risks the
Company directly insures in the northeast as well as losses of $0.5 million from
certain midwestern risks which the Company reinsures. As a result of the
catastrophe losses, the Company expects second quarter operating earnings to be
reduced by approximately $0.26 per share.
Philip P. Weber, President & CEO of Farm Family Holdings, Inc. said, "Exclusive
of the weather related catastrophe losses we have experienced, we are producing
favorable operating results. Although the impact of these storms has negatively
impacted our current operating results, we did an outstanding job assisting in
the recovery of our insureds in the affected areas. We remain committed to the
agribusiness, rural, and suburban communities we serve and continue to enhance
our penetration into these markets."
Farm Family Holdings is the parent of Farm Family Casualty Insurance Company, a
specialized, regional property and
casualty insurer of farms, agricultural related businesses and residents and
businesses of rural and suburban communities.
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Safe Harbor Statement under The Private Securities Litigation Reform Act of 1995
This press release contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995 that are based on management's
current knowledge, expectations, estimates, beliefs and assumptions. The
forward-looking statements in this press release include, but are not limited
to, statements with respect to the Company's estimate of catastrophe losses and
their impact on operating results, statements of future economic performance and
assumptions underlying statements regarding the Company or its business. Readers
are hereby cautioned that certain events or circumstances could cause actual
results to differ materially from those estimated, projected, or predicted. The
forward-looking statements in this press release are not guarantees of future
performance and are subject to a number of important risks and uncertainties,
many of which are outside the Company's control, that could cause actual results
to differ materially. These risks and uncertainties include, but are not limited
to, the ultimate level of the estimated catastrophe losses incurred by the
Company, exposure to additional catastrophe losses, geographic concentration of
loss exposure, general economic conditions and conditions specific to the
property and casualty insurance industry, including its cyclical nature,
regulatory changes and conditions, rating agency policies and practices,
competitive factors, claims development and the impact thereof on loss reserves
and the Company's reserving policy, the adequacy of the Company's reinsurance
programs, developments in the securities markets and the impact thereof on the
Company's investment portfolio and other risks listed from time to time in the
Company's Securities and Exchange Commission filings, including the Form 10-K
filed for the fiscal year ended December 31, 1997 and the Prospectus dated July
22, 1996. Accordingly, there can be no assurance that actual results will
conform to the forward-looking statements in this press release.
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