The National Security Group, Inc. (NASDAQ:NSEC) releases preliminary estimates of insured catastrophe losses from Hurricanes Sally and Delta along with updated estimates of catastrophe losses from Hurricane Laura incurred by property and casualty subsidiary National Security Fire & Casualty.

Hurricane Sally

On September 16, 2020, Hurricane Sally made landfall near Gulf Shores, Alabama as a category 2 storm. Hurricane Sally had maximum sustained winds of 105 mph at landfall and was the eighth tropical cyclone, in the 2020 Atlantic hurricane season, to impact the continental U.S.

Our pre-tax loss due to Hurricane Sally is expected to be $2,000,000, net of recoveries under our catastrophe aggregate reinsurance. Net of tax, Hurricane Sally will reduce our 2020 earnings by $1,580,000 and will reduce earnings per share by $0.62. The impact of Hurricane Sally will be reflected in our third quarter financial results. To date, we have had approximately 600 claims reported from Hurricane Sally with approximately 90% of total claims from this event incurred by our Alabama policyholders.

Based on our analysis of historical reporting patterns, preliminary post event model estimates and assessment of claims to date, we estimate our ultimate gross losses from Hurricane Sally to be in the range of $3,000,000 to $3,500,000. While we expect to recover $1,000,000 to $1,500,000 under our catastrophe aggregate reinsurance, based on our estimate of gross losses, we do not expect losses from Hurricane Sally to impact our primary catastrophe reinsurance coverage which is triggered once gross losses exceed $4 million from a single catastrophe event. This first layer of catastrophe reinsurance was reinstated for a second event following losses from Hurricane Laura.

Hurricane Laura – Revision to the Range of Estimated Gross Losses

We are revising our estimate of gross losses due to Hurricane Laura. This revision to gross losses (before reinsurance) is

SINGAPORE – Oil prices dropped for a second straight session on Monday as U.S. producers began restoring output after Hurricane Delta weakened, while a strike that had affected production in Norway came to an end.

Brent crude LCOc1 for December fell 55 cents, or 1.3%, to $42.30 a barrel by 0023 GMT and U.S. West Texas Intermediate CLc1 for November was at $40.08 a barrel, down 52 cents, or 1.3%.

Front-month prices for both contracts gained more than 9% last week, the biggest weekly rise for Brent since June, but fell on Friday after Norwegian oil firms struck a wage bargain with labour union officials, resolving a strike that threatened to cut the country’s oil and gas output by close to 25%.

HURRICANE DELTA ROILS OIL RIGS, SQUEEZES GASOLINE PRICES

“We had good support for both Brent and West Texas on the back of some supply concerns,” said Michael McCarthy, chief market strategist at CMC Markets in Sydney.

“Given that the hurricane season in the U.S. has just started, there’s potential for that to keep prices firm.”

The Well-Safe Guardian plug and abandonment rig, operated by Well-Safe Solutions Ltd, stands in the Port of Cromarty Firth during sunrise in Cromarty, U.K., on Tuesday, June 23, 2020. Oil headed for a weekly decline — only the second since April —

In the United States, Hurricane Delta, which dealt the greatest blow to U.S. offshore Gulf of Mexico energy production in 15 years, was downgraded to a post-tropical cyclone by Sunday.

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Workers headed back to production platforms on Sunday while Total SA TOTF.PA continued restarting its 225,500 barrel-per-day Port Arthur, Texas, refinery on Sunday.

However, Colonial Pipeline, the largest oil products

By Erwin Seba

HOUSTON (Reuters) – U.S. energy companies were returning workers and restarting operations at storm-swept production facilities along the U.S. Gulf Coast on Sunday, two days after Hurricane Delta barreled through the area.

Chevron Corp, Royal Dutch Shell Plc and BHP Group all said workers were headed back to production platforms in the U.S.-regulated northern Gulf of Mexico.

BHP expects to complete the return of workers to its Shenzi and Neptune production platforms on Sunday, spokeswoman Judy Dane said, adding that resuming flows will depend on how quickly pipelines return to service.

It can take several days after a storm passes for energy producers to evaluate facilities for damage, return workers and restore offshore production. The companies that operate oil and gas pipelines and process the offshore output also shut ahead of the storm.

On Sunday, the U.S. Bureau of Safety and Environmental Enforcement (BSEE) said 91% of offshore crude oil production remains shut in the U.S.-regulated northern Gulf of Mexico following Hurricane Delta, which made landfall on Friday night.

In addition, 62.2% of natural gas output remains shut in the Gulf following the storm that made landfall near Creole, Louisiana, and weakened into a low-pressure system over Mississippi on Saturday.

Through Sunday, a cumulative total of 8.8 million barrels per day (bpd) of crude oil production and 8.3 billion cubic feet per day of natural gas output from the Gulf has been shut because of Hurricane Delta.

The area produces about 17% of total daily U.S. oil production and 5% of daily natural gas production.

Still remaining shut are the Calcasieu Waterway in Calcasieu and Cameron Parishes in Louisiana and the ports of Lake Charles and Cameron, Louisiana, near where Delta made landfall.

The ports of Beaumont and Port Arthur, Texas, including the Sabine Pass, which serve

By Erwin Seba



a close up of a wire fence: FILE PHOTO: Hurricane Delta passes through Cancun


© Reuters/HENRY ROMERO
FILE PHOTO: Hurricane Delta passes through Cancun

HOUSTON (Reuters) – Hurricane Delta shut power and toppled equipment at U.S. Gulf Coast oil refineries and closed oil-export ports as its destructive winds and storm surge reached far from its center.

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Nearly 700,000 homes and businesses in three Gulf Coast states were without power on Saturday after Delta made landfall overnight as a Category 2 hurricane with winds of 100 miles per hour (161 kph) near the town of Creole, Louisiana.

Delta’s fierce winds tore roofs off homes, cut electric power and disrupted energy operations as far away as Port Arthur, Texas, 65 miles (105 km) west of Delta’s landfall.

Total SA’s 225,500 barrel-per-day (bpd) refinery lost power, Valero Energy Corp’s 335,000 bpd plant lost a cooling tower, and Motiva Enterprises shut a small unit at its 607,000 bpd refinery amid the storm, people familiar with operations said.

Total quickly launched efforts to restart the oil-processing plant, the people said.

Total, Valero and Motiva did not reply to requests for comment.

Video: Hurricane Delta Is Already Slamming U.S. Oil and Gas Production (TheStreet)

Hurricane Delta Is Already Slamming U.S. Oil and Gas Production

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Royal Dutch Shell’s Convent, Geismar and Norco, Louisiana, oil and chemical plants were operating normally, a spokesman said.

Three other Louisiana refineries close to the storm’s track were previously shut for maintenance work or from damage by a more powerful hurricane six weeks ago. Those plants are operated by Citgo Petroleum and Phillips 66.

Cheniere Energy Inc, which operates a natural gas processing plant on the Texas-Louisiana border, was evaluating facilities on Saturday. Its Sabine Pass liquefied natural gas (LNG) export plant remains online and employees were safe, a spokeswoman said.

Oil and petrochemical ports from

HOUSTON (Reuters) – Hurricane Delta shut power and toppled equipment at U.S. Gulf Coast oil refineries and closed oil-export ports as its destructive winds and storm surge reached far from its center.

Nearly 700,000 homes and businesses in three Gulf Coast states were without power on Saturday after Delta made landfall overnight as a Category 2 hurricane with winds of 100 miles per hour (161 kph) near the town of Creole, Louisiana.

Delta’s fierce winds tore roofs off homes, cut electric power and disrupted energy operations as far away as Port Arthur, Texas, 65 miles (105 km) west of Delta’s landfall.

Total SA’s 225,500 barrel-per-day (bpd) refinery lost power, Valero Energy Corp’s 335,000 bpd plant lost a cooling tower, and Motiva Enterprises shut a small unit at its 607,000 bpd refinery amid the storm, people familiar with operations said.

Total quickly launched efforts to restart the oil-processing plant, the people said.

Total, Valero and Motiva did not reply to requests for comment.

Royal Dutch Shell’s Convent, Geismar and Norco, Louisiana, oil and chemical plants were operating normally, a spokesman said.

Three other Louisiana refineries close to the storm’s track were previously shut for maintenance work or from damage by a more powerful hurricane six weeks ago. Those plants are operated by Citgo Petroleum and Phillips 66.

Cheniere Energy Inc, which operates a natural gas processing plant on the Texas-Louisiana border, was evaluating facilities on Saturday. Its Sabine Pass liquefied natural gas (LNG) export plant remains online and employees were safe, a spokeswoman said.

Oil and petrochemical ports from Beaumont, Texas, to Lake Charles, Louisiana, were shut to commercial vessels ahead of the storm and remained closed on Saturday. Houston and Galveston were open and operating normally, data from the U.S. Coast Guard showed.

The hurricane cut most U.S. offshore Gulf