First-quarter 2009 earnings for State Auto Financial Corporation (STFC) will include "larger than normal" catastrophe losses of between $38 million and $42 million, due to Jan. and Feb. storm activity, the company said.
Bob Restrepo, chairman, president and CEO of the Columbus, Ohio, super-regional property-casualty insurer, said, "Ice and wind storms that hit our Midwest operating states in late January and early February have contributed significantly larger than normal losses to STFC's first-quarter results. These storms include events that qualify toward our new catastrophe aggregate reinsurance program.
"Over the past five years, we have experienced an average of $12.4 million in pre-tax catastrophe losses during the first quarter and reported $35 million in the first quarter of 2008."
Continue Reading for Free
Register and gain access to:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
