State Auto Financial Reports Estimated Third Quarter 2017 Catastrophe Results
05 October 2017 - 8:00AM
Business Wire
State Auto Financial Corporation (NASDAQ:STFC) today announced
its pre-tax estimate of $56.1 million from the impact of
catastrophe losses on its third quarter 2017 results. The estimate
includes losses from Hurricanes Harvey and Irma of $32.5 million
and $23.0 million, respectively, with Specialty E&S Property
contributing approximately 80% of the hurricane losses. No
recoveries are expected from the State Auto Group’s property
catastrophe treaty, which is subject to a $75 million retention per
catastrophe event.
STFC’s estimate of third quarter catastrophe losses is subject
to change due to the complexity of the claims and the preliminary
nature of the information used to prepare the estimates. Updated
information on the catastrophe losses related to the recent
hurricanes will be included in STFC’s third quarter 2017
results.
About State Auto Financial Corporation
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 fourth 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 throughout the United States, through
independent insurance agencies, which include retail agencies and
wholesale 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, Milbank, Meridian Security, Patrons Mutual, 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/STFC.
STFC has scheduled a conference call with interested investors
for Thursday, Nov. 2, at 11 a.m. ET to discuss the Company’s third
quarter 2017 performance. Live and archived broadcasts of the call
can be accessed at http://www.StateAuto.com/STFC. A replay of the
call can be heard beginning at 2 p.m. ET, Nov. 2, by calling
855-859-2056, conference ID 51534853. Supplemental schedules
detailing the company’s third quarter 2017 financial, sales and
underwriting results are made available on
http://www.StateAuto.com/STFC prior to the conference call.
–––––
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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version on businesswire.com: http://www.businesswire.com/news/home/20171004006310/en/
State Auto Financial CorporationMedia contact:Kyle Anderson,
614-917-5497Kyle.Anderson@StateAuto.comorInvestor contact:Tara
Shull, 614-917-4478Tara.Shull@StateAuto.com
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