State Auto Financial Reports Second Quarter Storm Losses
14 July 2010 - 7:00AM
Business Wire
State Auto Financial Corporation (NASDAQ: STFC) today announced
preliminary estimates of losses due to second quarter 2010
catastrophe storm activity. The company expects second quarter 2010
results will include between $55 and $60 million in pre-tax
catastrophe losses. STFC has averaged $40 million in second quarter
pre-tax catastrophe storm losses over the past five years. STFC
reported $36.9 million attributable to storms for the second
quarter of 2009.
“We experienced 13 catastrophes in the second quarter, which
were widely scattered throughout our territories, with
approximately 60% occurring in four of our largest property states:
Indiana, Minnesota, Ohio and Tennessee,” said STFC Chairman,
President and CEO Bob Restrepo. “In all of our locations impacted
by severe weather, our claims catastrophe teams and our agents
worked tirelessly together under difficult conditions to meet the
needs of our insureds.”
STFC will release second quarter 2010 financial results on
Thursday, July 29, followed by a conference call at 10:00 a.m.
Eastern Time to discuss the company’s overall performance. Live and
archived broadcasts of that conference call will be posted on
www.StateAuto.com.
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 through independent insurance agencies in 34 states and
the District of Columbia 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 includes 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 and the State Auto Insurance Companies 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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