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Share Name | Share Symbol | Market | Type |
---|---|---|---|
State Auto Financial Corporation | NASDAQ:STFC | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 52.01 | 50.34 | 98.89 | 0 | 01:00:00 |
State Auto Financial Corporation (NASDAQ:STFC) and State Automobile Mutual Insurance Company today announced the retirement of Executive Vice President and Chief Operating Officer Mark A. Blackburn. He is no longer serving as chief operating officer and has resigned as a director of State Automobile Mutual, and will serve in an advisory role until his November 2011 retirement.
Blackburn joined State Auto in 1999 to lead the companies’ reinsurance operation after holding executive-level positions with Grange Mutual Casualty Group and General Reinsurance Corporation. He was appointed chief operating officer in 2006.
Rather than appoint a new chief operating officer, the executive leadership team reporting to President, Chairman and CEO Bob Restrepo has been restructured to broaden their responsibilities.
“We’ve built a flatter, leaner management structure,” said Restrepo, “to build on our strategic foundation of people and technology and implement our business strategies focused on underwriting profitability, rational growth, enterprise risk management and capital management.”
“I’m tremendously energized by our team and excited about State Auto’s future,” said Restrepo. “I have every confidence that we have the momentum underway that will restore State Auto’s traditional underwriting profitability and sustain our newfound growth.”
State Auto Financial Corporation, headquartered in Columbus, Ohio, is a super regional property and casualty insurance holding company. The company 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.
The insurance subsidiaries of State Auto Financial Corporation are part of the State Auto Group. The State Auto Group is rated A+ (Superior) by the A.M. Best Company and consists of State Automobile Mutual, State Auto Property & Casualty, State Auto Ohio, State Auto Wisconsin, State Auto Florida, Milbank, Farmers Casualty, Meridian Security, Meridian Citizens Mutual, Beacon National, Beacon Lloyds, Patrons Mutual and Litchfield Mutual Fire. Effective January 1, 2011, the Rockhill Insurance Group (consisting of Rockhill Insurance, Plaza Insurance, American Compensation and Bloomington Compensation) joined the State Auto reinsurance pool and became members of the State Auto Group. The Rockhill Insurance Group’s current rating of A- (Excellent) is under review by the A.M. Best Company with positive implications as a consequence of its joining the State Auto reinsurance pool. Additional information on State Auto Financial Corporation can be found online at http://www.StateAuto.com.
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