State Auto’s Third Quarter Catastrophe Losses Estimated at $63M
Ohio-based, regional insurance carrier State Auto Financial Corporation (STFC) announced its preliminary estimate of the impact of catastrophe losses on its third quarter results. The company estimates third quarter 2011 results will include between $60 million and $63 million in pre-tax catastrophe losses, which includes approximately $25 million of prior period development from second quarter 2011 catastrophes.
Catastrophic events during the third quarter included Hurricane Irene, totaling approximately $16 million.
Prior to 2011, STFC’s historic five-year average catastrophe losses for the third quarter are approximately $25 million.
Source: State Auto Financial Corporation
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