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Cincinnati Financial estimates up to $170M in Q2 cat losses

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Cincinnati Financial estimates up to $170M in Q2 cat losses

The property casualty group of Cincinnati Financial Corp.'s Cincinnati InsuranceCos. expects its second-quarter results to include pretax catastrophe losses ofapproximately $160 million to $170 million.

The estimated losses represent an impact on the second-quartercombined ratio of approximately 14.4 to 15.3 percentage points, based on estimatedproperty casualty earned premiums. The company's 10-year historical average contributionof catastrophe losses to the combined ratio is 13.4 percentage points for the secondquarter.

Cincinnati Financial estimates its second-quarter property casualtycombined ratio will be in the range of 98% to 101%, including the effect of thesignificant storm-related losses.

President and CEO Steven Johnston said in a news release thatroughly one-third of the losses came from hail damage to commercial properties inthe San Antonio area.