Ohio-based State Auto Financial Corporation estimates that catastrophic storms during the third quarter of 2005 will produce between $42 and $46 million in pre-tax losses for STFC. This is expected to add between 15 and 17 loss ratio points to the quarterly results. The estimate includes approximately $26 million of pre-tax losses from Hurricane Katrina.
State Auto Chairman and CEO Robert Moone stated, “We have all seen pictures of the destruction produced by Hurricane Katrina, the magnitude of which is unprecedented. During the third quarter, we also experienced two sizeable hail storms in our north-central operating states. Our claims representatives have been working tirelessly assessing the damage from these catastrophes and doing our part to help our policyholders rebuild. While storm losses will negatively impact our quarterly results, we are proud that prompt, fair and professional claims service, especially during times of great stress, remains a hallmark of State Auto.”
State Auto Financial Corporation is scheduled to release third quarter results on Oct. 25.
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