State Auto Financial Elects New Chairman and CEO
11 February 2006 - 12:32AM
Business Wire
State Auto Financial Corporation (NASDAQ:STFC) today announced that
it elected Robert P. Restrepo, Jr. as Chairman and Chief Executive
Officer, effective immediately. He was elected to the same offices
by the board of directors of State Automobile Mutual Insurance
Company, STFC's parent. He was also elected to the board of
directors of both companies. Mr. Restrepo's election completes the
process of choosing a successor to Robert H. Moone, who last May
announced his decision to retire in May of 2006. Bob Restrepo comes
to STFC with a broad and deep background in the property casualty
insurance industry encompassing both national and regional
companies and consistently demonstrating a strong commitment to the
independent agency system. His varied experience includes senior
executive roles at Aetna, Travelers, Hanover, and most recently
with Main Street America Group in Jacksonville, FL. A graduate of
Yale University, Bob has also served on a number of industry and
community boards including the American Insurance Association where
he was Chairman in 2003. The board of directors of STFC believes
that Bob has shown strong leadership and has produced positive
financial results throughout his career. He is well matched for the
platform and potential that STFC has built. Robert Moone, the
outgoing CEO and Chairman, who will remain as President until March
3, and as an employee of STFC until his retirement in May of 2006,
expressed confidence in his successor to lead STFC and its
affiliates in continuing to build shareholder value and grow the
Companies, saying: "In Bob Restrepo the boards have identified a
proven executive with a broad base of industry knowledge and
involvement. I will assist Bob in any way I can as he undertakes
his new responsibilities at State Auto." The new Chairman and CEO
of State Auto indicated, "I appreciate the confidence the boards of
directors have placed in me and I understand what's required to
continue State Auto's remarkable record and build on the great
legacy Bob Moone has given us all. Together with State Auto's
boards, employees and agents, I know we can deliver the products,
systems and services that will differentiate us in the marketplace
and distinguish us in the eyes of all our stakeholders. We will
both build on the past and face the future with energy,
intelligence and a commitment to excellence.'" State Auto Financial
Corporation, headquartered in Columbus, Ohio, is a regional
property and casualty insurance holding company engaged primarily
in writing both personal and commercial lines of insurance. The
company markets its products through nearly 22,000 independent
insurance agents associated with more than 3,100 agencies in 26
central and eastern states, excluding New York, New Jersey and the
New England states. The company was named Best Managed Insurance
Company for 2006 by Forbes magazine and is one of only 314 publicly
traded companies to earn the Mergent Award for having increased its
dividends for ten or more years in succession. The State Auto
Insurance Companies are rated A+ (Superior) by the A.M. Best
Company. Additional information on the company can be found on its
web page at www.STFC.com. Except for historical information, all
other information in this news release consists of forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements are subject to
risks and uncertainties that could cause actual results to differ
materially from those projected, anticipated or implied. The most
significant of these uncertainties are described in State Auto
Financial's Form 10-K and Form 10-Q reports and exhibits to those
reports, and include (but are not limited to) legislative changes
at both the state and federal level, state and federal regulatory
rule making promulgations and adjudications, class action
litigation involving the insurance industry and judicial decisions
affecting claims, policy coverages and the general costs of doing
business, the impact of competition on products and pricing,
inflation in the costs of the products and services insurance pays
for, product development, geographic spread of risk,
weather-related events, and other types of catastrophic events.
State Auto Financial undertakes no obligation to update or revise
any forward-looking statements.
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