State Auto Financial Reports Impact of Storm Activity
13 March 2009 - 8:00AM
Business Wire
State Auto Financial Corporation (NASDAQ: STFC) today announced
its preliminary estimates of 2009 catastrophe storm activity. The
company expects first quarter 2009 earnings will include between
$38.0 and $42.0 million in pre-tax catastrophe losses related to
January and February storm activity.
STFC Chairman, President and CEO Bob Restrepo stated �Ice and
wind storms that hit our Midwest operating states in late January
and early February have contributed significantly larger than
normal losses to STFC�s first quarter results. These storms include
events that qualify towards our new catastrophe aggregate
reinsurance program. Over the past five years, we have experienced
an average of $12.4 million in pre-tax catastrophe losses during
the first quarter and reported $35.0 million in the first quarter
of 2008.
�While the scope of loss does not equal what we saw with
Hurricane Ike, more than 10,000 claims have been attributed to
these storms. We dispatched catastrophe teams to the areas most
heavily damaged. Our claims personnel, working on site and from our
Regional locations and our Contact Centers, have again
distinguished themselves in providing service to our
policyholders,� added Restrepo.
State Auto Financial Corporation, headquartered in Columbus,
Ohio, is a super regional property and casualty insurance holding
company. The company markets its personal and business insurance
products exclusively through independent insurance agencies in 33
states and is proud to be a Trusted Choice� company partner. STFC
stock is traded on the NASDAQ Global Select Market, which
represents the top third of all NASDAQ listed companies.
The insurance subsidiaries of State Auto Financial Corporation
are part of the State Auto Group. The State Auto Group�is rated A+
(Superior) by the A.M. Best Company and�consists of State
Automobile Mutual, State Auto Property & Casualty, State Auto
National, State Auto Ohio, State Auto Wisconsin, State Auto
Florida, Milbank, Farmers Casualty, Meridian Security, Meridian
Citizens Mutual, Beacon National, Beacon Lloyds, Patrons Mutual and
Litchfield Mutual Fire. Additional information on State Auto
Financial Corporation�can be found online at www.StateAuto.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 and 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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