State Auto Financial (NASDAQ:STFC)
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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.