BIRMINGHAM, Ala., Oct. 28 /PRNewswire-FirstCall/ -- Vesta Insurance Group,
Inc. (NYSE: VTA) announced today that its preliminary net loss estimate from
Hurricane Wilma for its subsidiary, Florida Select Insurance Company, is
expected to be in the range of $4.5 to $8.5 million, after recovery from its
50 percent quota share reinsurance agreement. The preliminary loss estimate
is based on catastrophe models and initial reports from policyholders.
About Vesta Insurance Group, Inc.
Vesta, headquartered in Birmingham, Ala., is a holding company for a group
of insurance companies that primarily offer property insurance in targeted
states.
Additional Information and Where to Find It
This press release may be deemed to be solicitation material in respect of
the election of directors at the 2005 annual meeting. In connection with that
meeting, the Company intends to file with the Securities and Exchange
Commission (SEC) a proxy statement regarding the election of directors at the
annual meeting. Investors are urged to read the definitive proxy statement
when it becomes available and any other relevant documents filed with the SEC
because they will contain important information. The definitive proxy
statement will be sent to the stockholders of the Company seeking their
approval of the election of directors. In addition, you may obtain these
documents free of charge at the website maintained by the SEC at http://www.sec.gov.
Also, you may obtain documents filed with the SEC by the Company free of
charge by requesting them in writing from Vesta Insurance Group, Attention:
Investor Relations, 3760 River Run Drive, Birmingham, Alabama 35243 or by
telephone at 205-970-7000.
Participants in Solicitation
The Company and its directors and executive officers and other members of
management and employees may be deemed to be participants in the solicitation
of proxies from the stockholders of the Company in connection with the annual
meeting. Information about the Company's directors and executive officers and
their ownership of the Company's common stock was included in the Company's
proxy statement for its 2004 annual meeting, which was filed with the SEC on
April 29, 2004 and Form 4 Beneficial Ownership reports filed subsequently on
behalf of such persons. Additional information about the interests of the
Company's participants in the solicitation of proxies in respect of the
proposed transaction will be included in the proxy statement when it becomes
available.
Forward-Looking Statement
This news release contains statements concerning management's current
estimate of losses from Hurricanes Wilma. These statements are only
predictions and should be considered "forward-looking statements" under
applicable securities laws. You should be aware that the ultimate actual
losses from these hurricanes may differ materially from those reflected in
these forward-looking statements.
SOURCE Vesta Insurance Group, Inc.
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Related links:
http://www.vesta.com
CONTACT:
Charles R. Lambert, Vice President - Investor
Relations of Vesta Insurance Group, Inc., +1-205-970-7030, or
CLambert@vesta.com
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