$500 Million
The financial toll from the January 2009 ice storm in north Arkansas is estimated at $500 million, with most of the cost for restoring electric utilities, the Associated Press reported. Three major utilities say they will spend around $460 million for repairs. Only the nonprofit Electric Cooperatives of Arkansas, which estimated damages at $250 million, stands to receive any state or federal assistance. Entergy Arkansas has indicated its damages were between $165 million and $200 million, while Southwestern Electric Power Co.’s northwestern district took a $10.5 million hit. According to the Public Service Commission, Entergy and SWEPCO will temporarily raise rates to pay off the damage costs.
-69%
Louisiana-based Amerisafe Inc., which writes high hazard workers’ compensation insurance, said profits for fourth-quarter 2008 fell 69 percent due to $13.4 million in realized capital losses. Net income dropped to $5.7 million, compared with earnings of $18.6 million during the same quarter a year earlier. For the full year, Amerisafe’s profit slipped to $43.8 million from $50.2 million in 2007. Net income in the fourth quarter was hurt by $13.4 million in realized losses and impairment charges tied to holdings in exchange-traded funds and the sale of equity securities. Net premiums written during the quarter increased to $59.5 million, from $56.8 million during the comparable period a year earlier. Amerisafe’s combined ratio rose to 73.7 percent during the fourth quarter, compared to 73 percent during the final quarter in 2007. AP
$250,000
A pickup truck and a trailer containing a $250,000 open-wheel race car were stolen from the parking lot of an Oklahoma City motel, and its owner said lack of insurance may mean the end of the racing team. Eugene Nolen, of Indianapolis, said he doesn’t carry insurance because it is “way, way too high on race cars.” Nolen’s team has raced for 30 years. The yellow race car with a number 20 on its side was used in the U.S. Auto Club’s Silver Crown Series. The trailer also contained a spare engine, spare parts, tools and an all-terrain vehicle. Two race team members were hauling the trailer from Indiana to Arizona when the theft occurred. AP
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