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National Security Group reports Q2 net loss amid increased storm losses

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National Security Group reports Q2 net loss amid increased storm losses

National Security Group Inc. saw net income fall in the second quarter to a net loss of $999,000, or a loss of 39 cents per share, down from net income of $1.3 million, or 52 cents per share, in the year-ago quarter.

National Security Group said results for the quarter were negatively impacted by an increase in severe thunderstorms which generated widespread wind, hail and tornado damage to insured property across the southeastern U.S. These storms led to a $3.6 million increase in quarterly P&C insurance segment catastrophe losses, compared to the second quarter of 2016, the company said.

The company reported pretax loss from operations of $1.8 million, compared with pretax income of $1.5 million in the year-ago period. Losses from storm-related catastrophe events totaled $5.7 million in the second quarter of 2017, compared to $2.0 million for the same period last year.