State Auto Financial Estimates Impact of Catastrophe Losses on Third Quarter Results
October 17 2011 - 4:00PM
Business Wire
State Auto Financial Corporation (NASDAQ:STFC) today announced
its preliminary estimate of the impact of catastrophe losses on its
third quarter results. The company estimates third quarter 2011
results will include between $60 million and $63 million in pre-tax
catastrophe losses, which includes approximately $25 million of
prior period development from second quarter 2011 catastrophes.
Catastrophic events during the third quarter included Hurricane
Irene (approximately $16 million) and other catastrophe events.
Prior to 2011, STFC’s historic five-year average catastrophe losses
for the third quarter are approximately $25 million.
STFC expects to release its third quarter 2011 results on
Tuesday, Nov. 1, 2011, before the open of regular trading on the
NASDAQ Stock Market and discuss its third quarter results in a
conference call on Tuesday, Nov. 1, 2011, at 10 a.m. ET. The call
is being webcast by Thomson Reuters and can be accessed via the
Investors tab of http://www.StateAuto.com/. The webcast is also
being distributed through the Thomson Reuters StreetEvents Network.
Individual investors can listen to the call at
http://www.earnings.com/.
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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