State Auto Financial Corp Estimates Third Quarter Catastrophe Losses
October 11 2005 - 5:00PM
Business Wire
State Auto Financial Corporation (NASDAQ:STFC) today announced it
estimates that catastrophic storms during the third quarter of 2005
will produce between $42 and $46 million in pre-tax losses for
STFC. This is expected to add between 15 and 17 loss ratio points
to the quarterly results. The estimate includes approximately $26
million of pre-tax losses from Hurricane Katrina. State Auto
Chairman and CEO Robert H. Moone stated, "We have all seen pictures
of the destruction produced by Hurricane Katrina, the magnitude of
which is unprecedented. During the third quarter, we also
experienced two sizeable hail storms in our north-central operating
states. Our claims representatives have been working tirelessly
assessing the damage from these catastrophes and doing our part to
help our policyholders rebuild. While storm losses will negatively
impact our quarterly results, we are proud that prompt, fair and
professional claims service, especially during times of great
stress, remains a hallmark of State Auto." State Auto Financial
Corporation is scheduled to release third quarter results on
October 25, 2005. State Auto Financial Corporation, headquartered
in Columbus, Ohio, is a regional property and casualty insurance
holding company engaged primarily in writing both personal and
commercial lines of insurance. The company markets its products
through nearly 22,000 independent agents associated with more than
3,100 agencies in 26 central and eastern states, excluding New
York, New Jersey and the New England states. The State Auto
Insurance Companies, carry an A+ (Superior) rating from 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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