State Auto Financial Corp. announced that it estimates that May storms would contribute about $23 million to $26 million pre-tax to losses in the second quarter, adding 10 to 11 direct-loss ratio points to second quarter results.
The first two weeks of the month were adversely impacted by severe weather patterns in much of State Auto’s operating territory. High winds, tornadoes, hail, lightning and resulting fires caused damage in 17 of the company’s 26 operating states between May 2 and May 12.
State Auto, headquartered in Columbus, Ohio, is scheduled to release second quarter results on July 31, 2003.
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