State Auto Reports Lower 3Q Profit
NU Online News Service, Oct. 29, 11:24 a.m. EDT?State Auto Financial Corporation reported third-quarter net income of $5 million, substantially lower than the $15.6 million posted for the same period in 2003.[@@]
The Columbus, Ohio-based insurer blamed the "unprecedented" hurricane seasons this year for its lackluster performance this past quarter. Catastrophe losses?including the four hurricanes?accounted for $56.7 million during the third quarter, much higher than $16.9 million for the same period in 2003.
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