State Auto Cuts Reinsurance Agreement for Subsidiary
State Auto Financial told the Securities and Exchange Commission its subsidiary, State Auto National Insurance Co., no longer needs a reinsurance agreement. The reinsurance agreement protected State Auto National from excessive claims while it built up its own reserves.
The reinsurance agreement was provided by State Auto Mutual Insurance Co., a privately held insurance company that owns about 65 percent of State Auto Financial’s shares, according to SEC documents.
State Auto National writes auto insurance policies to drivers with high-risk characteristics such as accidents or poor payment histories. It has about $60 million in premiums a year.
State Auto Financial, a Columbus-based property and casualty insurer, reported $1.1 billion in revenue in 2004.
- 4,800 Claims Handled by Unlicensed Adjusters in Florida After Irma, Lawsuit Says
- Work Safety Group Releases List of ‘Dirty Dozen’ Employers
- Chubb CEO Greenberg: Some Financial Lines Underwriting Practices ‘Simply Dumb’
- EPA Designates PFAS Chemicals as Superfund Hazardous Substances
- Mother of 8-Year-Old ‘Violently Sucked’ into Houston Hotel Pool Files Wrongful Death Suit
- Florida’s Home Insurance Industry May Be Worse Than Anyone Realizes
- Report: Vehicle Complexity, Labor ‘Reshaping’ Auto Insurance and Collision Repair
- California Chiropractor Sentenced to 54 Years for $150M Workers’ Comp Scheme