Domestic insurance companies reported mixed third-quarter results, with State Auto taking a net loss, although a narrower loss than last year, while EMC Insurance Group and Safety Insurance Group reported higher net income.
Columbus, Ohio-based State Auto says it took a 2012 third-quarter net loss of $5.5 million, compared to a loss of $58.7 million a year ago. CEO Bob Restrepo attributed the loss primarily to a previously disclosed increase in reserves for prior periods due to adverse claims development in a commercial auto trucking program that the company canceled as April 1, 2012. State Auto increased its loss and loss expense reserves for prior periods by between $19.0 million and $21.0 million on program business written by its subsidiary, Risk Evaluation & Design LLC (RED).
State Auto says its third-quarter combined ratio was 110.2, compared to 122.4 a year ago.
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