State Auto Financial Included In New NASDAQ Global Select Market
June 27 2006 - 10:51AM
Business Wire
State Auto Financial Corporation (NASDAQ:STFC) announced today that
it is included in the new NASDAQ Global Select Market. The NASDAQ
Global Select Market has the highest initial listing standards of
any exchange in the world based on financial and liquidity
requirements. Prior to the change, the company had been listed on
the NASDAQ National Market. Beginning July 3, NASDAQ-listed
companies will be classified under three listing tiers -- NASDAQ
Global Select Market, NASDAQ Global Market, and NASDAQ Capital
Market. NASDAQ also plans to launch indexes based on these new
tiers. Approximately one-third of NASDAQ listed companies have
qualified for the Global Select Market tier. "State Auto Financial
Corporation is an industry leader that has achieved superior
listing standards, which clearly defines the essence of the NASDAQ
Global Select Market," said Bruce Aust, Executive Vice President,
Corporate Client Group. "NASDAQ is focused on leading a race to the
top in terms of listing qualifications. In recognizing these
companies, we are highlighting their achievement in meeting the
requirements to be included in the market with the highest listing
standards in the world." NASDAQ announced the new three tier
listing classification in February 2006. All three market tiers
will maintain rigorous listing and corporate governance standards.
For additional information about the NASDAQ Global Select Market,
please go to: www.nasdaq.com/GlobalSelect . STFC Chairman,
President and CEO Bob Restrepo called the selection "significant,"
and added that "We are honored to be among the outstanding
companies selected for this new tier. There's nothing arbitrary
about the criteria for inclusion. This is about performance,
stability and strength, as defined by the numbers." Restrepo
believes that the being a NASDAQ Global Select Company "will give
STFC greater index visibility." 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 nearly 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.
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