State Auto Financial Declares 78th Consecutive Quarterly Dividend, Announces Changes to Pooling Agreement
06 November 2010 - 5:31AM
Business Wire
Today the board of directors of State Auto Financial Corporation
(NASDAQ: STFC) declared a regular quarterly cash dividend of $0.15
per share, payable December 31, 2010, to shareholders of record at
the close of business on December 13, 2010. This is the 78th
consecutive quarterly cash dividend declared by the company’s board
since STFC had its initial public offering of common stock in
1991.
Additionally, the boards of directors of STFC and State
Automobile Mutual Insurance Company approved proposed changes to
the intercompany reinsurance pooling agreement for the State Auto
Group. As of January 1, 2011, the State Auto pooling arrangement
will be amended to add the operating results of the insurance
companies of the Rockhill Insurance Group. The Rockhill Insurance
Group was acquired by State Automobile Mutual in February 2009.
The addition of the Rockhill insurance companies to the pool
will not change STFC’s overall share of the pool, which will remain
at 80%. Similarly, the participating percentages of the STFC
insurance subsidiaries will remain unchanged. Together, it is
estimated that the Rockhill insurance companies will add
approximately $100 million of premiums to the pool in 2011. The
proposed changes are subject to regulatory approval by various
departments of insurance.
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.
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