State Auto Insurance Group Announces Review of Strategic Alternatives for Its E&S Business
September 08 2017 - 8:30AM
Business Wire
The State Auto Insurance Group (State Auto) today announced it
is undertaking a review of strategic alternatives for its Excess
and Surplus (E&S) Lines business, including a possible sale
transaction. State Auto has retained Keefe, Bruyette & Woods to
advise in connection with the evaluation. The review includes
affiliate Rockhill Insurance Company, which State Auto acquired in
2009 to enter the Excess & Surplus Lines insurance market.
“We’ve made tremendous progress in rebuilding State Auto,
putting in place a new technology platform, products and processes
for our core lines of business of personal and commercial
insurance,” said State Auto President and CEO Mike LaRocco. “As we
move forward focused on our goal of profitable growth, we are
evaluating the best use of capital including the strategic fit of
our E&S product lines.”
No assurance can be given as to whether, when or on what terms
any possible transaction might occur. The company does not intend
to make any further statements regarding this process unless and
until a definitive agreement has been reached, or until the process
of exploring strategic alternatives has ended.
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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version on businesswire.com: http://www.businesswire.com/news/home/20170908005073/en/
State Auto Insurance GroupMedia contact:Kyle Anderson,
614-917-5497Kyle.Anderson@StateAuto.comorInvestor contact:Tara
Shull, 614-917-4478Tara.Shull@StateAuto.com
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