Earnings
State Auto Financial Discloses Catastrophe Losses
The Associated Press
03/12/09 - 05:46 PM EDT
COLUMBUS, Ohio (AP) State Auto Financial Corp., a property and casualty insurance holding company, said Thursday that first-quarter 2009 earnings will include between $38 million and $42 million in pretax catastrophe losses related to January and February storms.
The company said ice and wind storms that hit its Midwest operating states have contributed significantly larger-than-normal losses to its first-quarter results.
Over the past five years, it has experienced an average of $12.4 million in pretax catastrophe losses during the first quarter. It reported $35 million in such losses in the first quarter of 2008.