State Auto Financial Corp.’s CEO says the insurer will seek a 20 percent price increase in 2012 in order to keep up with historic loss trends, and the company is turning to the reinsurance market for a quota-share treaty.
“Even after increasing prices by more than 30 percent over the last three years, we’ll need another 20 percent price increase,” Chairman and CEO Bob Restrepo said during a Nov. 8 conference call.
To date, State Auto has posted a net loss of $247.4 million. The super-regional Columbus, Ohio-based insurer recorded a third-quarter net loss of $58.7 million and a combined ratio of 122.4 compared to 105.9 during the same period a year ago.
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