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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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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): July 11, 1997
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CITIZENS CORPORATION
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(Exact name of Registrant as specified in its charter)
Delaware 1-11714 04-3178765
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(State or other (Commission File Number) (I.R.S. Employer I.D.
jurisdiction of Number)
Incorporation)
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440 Lincoln Street, Worcester, Massachusetts 01653
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(Address of Principal Executive Offices)
(Zip Code)
(508) 855-1000
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(Registrant's Telephone Number including area code)
Page 1 of 5 pages
Exhibit Index on page 4
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Item 5. Other Events.
On July 11, 1997, Citizens Corporation announced that
third quarter results will be impacted by an estimated $10
million in pre-tax catastrophe losses resulting from tornadoes
and windstorms which struck Michigan during the first week of
July. The charge is expected to result in a reduction of
third quarter earnings per share for Citizens Corporation of
approximately eighteen cents. A copy of the press release is
attached as Exhibit 99 and is incorporated by reference herein.
Item 7. Financial Statements and Exhibits.
Exhibit 99 Press Release dated July 11, 1997,
announcing Citizens Corporation expects $10
million charge in third quarter for July
tornado losses.
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SIGNATURES
Pursuant to the requirements of the Securities and
Exchange Act of 1934, the registrant has duly caused this
report to be signed on its behalf by the undersigned hereunto
duly authorized.
CITIZENS
CORPORATION
By: /s/ Edward J. Parry III,
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Edward J. Parry III,
Vice President, Chief
Financial Officer,and
Treasurer
Date: July 11, 1997
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Exhibit Index
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Exhibit 99 Press Release dated July 11, 1997,announcing
Citizens Corporation expects $10 million charge
in third quarter for July tornado losses.
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EXHIBIT 99
CITIZENS CORPORATION EXPECTS $10 MILLION CHARGE
IN THIRD QUARTER FOR JULY TORNADO LOSSES
WORCESTER, Mass., July 11, 1997 - Citizens Corporation (NYSE:
CZC) today announced that it expects to incur an estimated $10
million in pretax catastrophe losses resulting from tornadoes
and windstorms which struck Michigan during the first week of
July. This anticipated charge is expected to be reflected in
the company's third quarter results.
The charge is expected to result in a reduction of third
quarter earnings per share for Citizens of approximately 18
cents. Third quarter results for Allmerica Financial
Corporation (NYSE: AFC), Citizens' majority parent, are
expected to be impacted by six cents per share.
Citizens expects gross pretax losses of about $15 million from
the storms. The company has reinsurance for 95 percent of the
catastrophe losses above $10 million.
Citizens Corporation is the holding company for Citizens
Insurance Company of America, a leading underwriter of
personal and commercial property and casualty insurance in the
Midwest. It is a subsidiary of Allmerica Financial, a
diversified group of insurance and financial services
companies headquartered in Worcester, Mass.
AF-32
7/97
CONTACTS: Investors: Media:
Jean Peters Michael F. Buckley
(508) 855-3599 (508) 855-3099
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