Current Report Filing (8-k)

 

 

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): July 24, 2014 (July 21, 2014)

 

 

STATE AUTO FINANCIAL CORPORATION

(Exact name of registrant as specified in its charter)

 

 

 

Ohio		000-19289		31-1324304
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)

 

518 East Broad Street, Columbus, Ohio		43215-3976
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: [phone]

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):

 

¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 

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Section 2. Financial Information

Item 2.02 Results of Operations and Financial Condition.

On July 21, 2014, State Auto Financial Corporation issued a press release announcing its estimate of second quarter 2014 results (the “Release”). The full text of the Release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

Section 9. Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits.

 

(c)

Exhibits.

 

Exhibit No.		Description
99.1		Press release issued by State Auto Financial Corporation on July 21, 2014.

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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.

 

				STATE AUTO FINANCIAL CORPORATION
Date: July 24, 2014				By		/s/ James A. Yano
						Senior Vice President and
						General Counsel

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EXHIBIT INDEX

 

Exhibit No.		Description
99.1		Press release issued by State Auto Financial Corporation on July 21, 2014.

Exhibit 99.1

 

State Auto Financial reports estimate of second quarter results   COLUMBUS, Ohio – July 21, 2014 – State Auto Financial Corporation (Nasdaq:STFC) today announced its estimate of second quarter 2014 results. The company is estimating that net income for the second quarter 2014 will be in the range of $0.04 to $0.07 per diluted share. This estimate includes strengthening of prior year loss and loss expense reserves by approximately $11.4 million pre-tax for program business written through Risk Evaluation & Design, LLC (RED), a wholly owned subsidiary of State Automobile Mutual Insurance Company. The increase relates primarily to a large restaurant program and a commercial auto trucking program, both of which are in run off. The company is estimating that second quarter 2014 pre-tax results will also include approximately $21.2 million in net catastrophe losses, approximately $4.4 million for severance costs related to the reorganization of the company’s information technology department, and approximately $5.2 million of net realized gains on its investment portfolio. All of these numbers are unaudited.   STFC expects to release its second quarter 2014 results on Thursday, July 31, 2014, before the open of regular trading on the Nasdaq Stock Market, and to discuss these financial results in a conference call at 11:00 a.m. ET. During the conference call, management plans to discuss RED reserves and actions being taken with respect to the RED program business, which include bringing claims administration in-house to perform a ground up assessment of outstanding case reserves. In addition, management will discuss the reorganization of its IT operations including a partnership with a third party to service the company’s legacy policy administration and billing systems, among other applications.   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 and one of Forbes’ 50 Most Trustworthy Financial Companies in America. STFC stock is traded on the NASDAQ Global Select Market, which is a segment of the NASDAQ Global Market with the highest initial listing standards of any exchange in the world.   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.		News Release   Contact   Tara Shull Investor Relations and Finance Director 614.917.4478 F 614.887.1793 [e-mail]   Kyle Anderson AVP/Director of Corporate Communication 614.917.5497 M 614.477.5301 [e-mail]             Corporate Headquarters 518 E. Broad St. Columbus, OH 43215 614.464.5000 800.444.9950   For additional information: StateAuto.com/STFC facebook.com/StateAuto twitter.com/StateAuto