Integon Corporation
Winston-Salem, NC 27152
Analysts' Contact:
Gay Huntsman (910) 770-3074
Media Contact:
Turner Coley (910) 760-3000
Integon Corporation Reports Losses Due to Hurricanes
WINSTON-SALEM, NC, September 19, 1996 -- Integon Corporation (NYSE:IN) announced
today that the Company's financial results in the third quarter ending September
30, 1996 have been negatively impacted by losses stemming from Hurricanes Fran
and Bertha.
The latest industry estimate of insured property damage from Hurricane
Fran is $1.6 billion. Most of this damage occurred in North Carolina, Integon's
largest state based on direct written premium volume. President and Chief
Executive Officer James T. Lambie stated, "Hurricane Fran is being called the
worst storm in North Carolina's history. Certainly from what we have seen at
Integon, the damage from Fran is much greater than that of Hurricane Hugo. Our
losses to date from Fran, net of reinsurance, are approximately $2.4 million. A
portion of the losses we have sustained are in a homeowners book of business
which is being discontinued this year with the remaining claims relating to
damaged automobiles. Integon's claims organization has done a magnificent job in
getting to our customers quickly and providing funds to assist them in repairing
damage suffered due to the hurricane." Hurricane Bertha, which occurred in July,
was a much less destructive storm and resulted in approximately $600,000 in
losses for the Company.
(MORE)
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Integon Corporation
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Final results for Integon's third quarter will be reported on October
24, 1996.
Integon Corporation, through its wholly owned property and casualty
insurance subsidiaries, specializes in the underwriting and marketing of
nonstandard and other specialty automobile insurance products to individuals.
The Company, headquartered in Winston-Salem, North Carolina, markets its
products through more than 12,500 independent agencies in 28 states.
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