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.
- Lake Tahoe Power Crunch Shows AI’s Growing Energy Toll in West
- Airbus, Air France Found Guilty in 2009 Rio-Paris Crash
- California Fire Spread Slows But Dangerous Conditions Linger
- ‘Big Tobacco’ Moment for Cannabis: What Insurers Need to Know About Murray v. Cresco
- AI Ruling Prompts Warnings From Lawyers: Your Chats Could Be Used Against You
- The Adjuster’s Year Ahead: What AI Will and Won’t Change About the Job
- Ransom Attacks up, but Payments Headed Down as Cyber Becomes Top of Mind
- Florida Woman Drives Elevated Pickup Over Lamborghini Sports Car in Parking Lot