State Auto Financial Updates Estimate of Second Quarter Storm Activity Impact
13 July 2011 - 7:00AM
Business Wire
State Auto Financial Corporation (NASDAQ:STFC) today updated its
estimate of second quarter 2011 catastrophe storm activity. The
company estimates second quarter 2011 results will
include between $155 million and $165 million in pre-tax
catastrophe losses related to second quarter storm activity.
“We’ve updated our previous preliminary estimate to include
catastrophe activity for the entire second quarter, which included
unprecedented catastrophe loss experience in April and May,” said
STFC President, Chairman and CEO Bob Restrepo. “In addition to
including the month of June, our preliminary estimate has increased
because of higher damage to property and a greater number of
automobile total losses than expected.”
Catastrophe losses were experienced in April, May and June,
including the Tuscaloosa, Alabama, tornado on April 27 and the
Joplin, Missouri, tornado on May 22.
“While the second quarter was costly for State Auto and the
insurance industry, the storms were devastating for our customers
who were directly affected,” said Restrepo. “State Auto claim
associates have been working tirelessly in their response, and will
continue to deliver the exceptional service that State Auto
policyholders and independent agents have come to expect.”
State Auto Financial Corporation, headquartered in Columbus,
Ohio, is a super regional property and casualty insurance holding
company 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 markets its
insurance products in all 50 states and the District of Columbia
through independent insurance agencies and brokers. The State Auto
Group is rated A (Excellent) by the A.M. Best Company and includes
State Automobile Mutual, State Auto Property & Casualty, State
Auto Ohio, State Auto Wisconsin, State Auto Florida, Milbank,
Farmers Casualty, Meridian Security, Meridian Citizens Mutual,
Beacon National, Beacon Lloyds, Patrons Mutual, Litchfield Mutual
Fire, Rockhill Insurance, Plaza Insurance, American Compensation
and Bloomington Compensation. Additional information on State Auto
Financial Corporation and the State Auto Insurance Companies can be
found online at http://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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