State Auto Financial Reports Impact of Storm Activity
April 20 2006 - 5:00PM
Business Wire
State Auto Financial Corporation (NASDAQ:STFC) today announced its
estimates of 2006 catastrophic storm activity through April 15,
2006. The company expects that first quarter earnings, scheduled to
be released on April 25, will include between $10 and $12 million
in pre-tax catastrophe losses related to storm activity. The
company has also set preliminary estimates for catastrophic storm
activity, occurring in the first two weeks of April, at between $22
and $28 million in pre-tax losses. STFC Chairman, President and CEO
Bob Restrepo stated, "The impact of catastrophe losses through
March of 2006 is fairly typical of our first quarter experience
over the last ten years. However, the storms that hit the Midwest
in the first two weeks of April will contribute significantly more
losses to STFC's second quarter 2006 results than the relatively
low $3.2 million of catastrophe losses posted for the second
quarter in 2005. "Our claims staff continues to work hard to
provide our policyholders the overwhelming service they expect from
State Auto," added Restrepo. State Auto Financial Corporation,
headquartered in Columbus, Ohio, is a property and casualty
insurance holding company. The company markets its personal and
commercial insurance products through more than 22,300 independent
insurance agents associated with approximately 3,000 agencies in 27
states. The company has been named Forbes Magazine's "Best Managed
Insurance Company in America" for 2006 and is one of just 3% of
publicly listed companies to earn the Mergent Dividend Achiever
Award for having increased its dividends for ten or more years in
succession. The State Auto Insurance Companies are rated A+
(Superior) by the A.M. Best Company. Additional information on the
company can be found on its web page at www.STFC.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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