Current Report Filing (8-k)
January 12 2015 - 2:21PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant
to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 12, 2015 (January 6, 2015)
STATE AUTO FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
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| Ohio |
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0-19289 |
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31-1324304 |
| (State or other jurisdiction
of incorporation) |
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(Commission
File Number) |
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(IRS Employer
Identification No.) |
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| 518 East Broad Street, Columbus, Ohio |
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43215-3976 |
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(Zip Code) |
Registrant’s telephone number, including area code: (614) 464-5000
Not Applicable
(Former
name or former address, if changed since last report.)
Check the appropriate box below
if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Section 8 – Other Events
Item 8.01. Other Events.
Attached as Exhibit 99.1 to
this Current Report on Form 8-K and incorporated herein by reference is a press release issued by State Auto Financial Corporation on January 6, 2015.
Section 9 – Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits.
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| Exhibit No. |
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Description |
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| 99.1 |
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Press release issued by State Auto Financial Corporation on January 6, 2015. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
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STATE AUTO FINANCIAL CORPORATION |
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| Date: January 12, 2015 |
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By |
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/s/ James A. Yano |
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Senior Vice President and General Counsel |
EXHIBIT INDEX
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| Exhibit No. |
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Description |
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| 99.1 |
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Press release issued by State Auto Financial Corporation on January 6, 2015. |
Exhibit 99.1
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| State Auto Financial announces property aggregate excess catastrophe reinsurance agreement for personal insurance and business insurance
segments COLUMBUS, Ohio – January 6, 2015 – State Auto
Financial Corporation (Nasdaq:STFC) today announced that the State Auto Group has entered into a one year property aggregate excess catastrophe reinsurance agreement, effective Jan. 1, 2015, with a syndicate of reinsurers covering property business
underwritten by its personal insurance and business insurance segments, including automobile physical damage. This aggregate excess reinsurance agreement replaces the State Auto Group’s homeowner quota share reinsurance agreement that had been
in place for the prior three years. Under the quota share reinsurance agreement, which terminated in accordance with its terms on Dec. 31, 2014, the State Auto Group ceded to reinsurers 75% of its homeowner business during the term of the
agreement. The new property aggregate excess catastrophe reinsurance agreement
provides reinsurance coverage of $75 million during 2015 for PCS numbered catastrophes after the retention of $165 million of losses by the State Auto Group. Individual occurrences are not subject to an occurrence deductible, but are subject to a
maximum amount of $55 million consistent with the Group’s retention under its existing property catastrophe excess of loss reinsurance agreement. The agreement excludes property risks underwritten by the specialty insurance segment.
As a result of the termination of the homeowner quota share reinsurance agreement,
approximately $89 million of unearned premiums and $63 million of cash will be returned to STFC. The net difference of approximately $26 million represents the return of ceding commission to the reinsurers and will increase deferred policy
acquisition costs and reduce other liabilities. 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. |
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News Release
Contact
Tara Shull Investor Relations and Finance Director
614.917.4478 F 614.887.1793 Tara.Shull@StateAuto.com
Kyle Anderson
AVP/Director of Corporate Communication 614.917.5497 M
614.477.5301 Kyle.Anderson@StateAuto.com
Corporate Headquarters
518 E. Broad St. Columbus, OH 43215
614.464.5000 800.444.9950
For additional information:
StateAuto.com/STFC |
— CONTINUED
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State Auto Financial Corporation news release, Page 2
January 6, 2015
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.
* * * * * *
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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