State Auto Financial Reports $19-21M Estimate of First Quarter Storm Activity Impact
State Auto Financial Corporation (Nasdaq: STFC) today announced its preliminary estimate of the impact of catastrophe losses on its first quarter results. The company estimates first quarter 2012 results will include between $19 million and $21 million in pre-tax catastrophe losses. This estimate reflects anticipated recoveries under the State Auto Group's property catastrophe excess of loss reinsurance agreement and homeowners quota share reinsurance arrangement.
These catastrophe losses primarily related to the early March tornado, wind and hail activity in the southern United States that moved into the Ohio Valley region. Approximately 85% of these losses came from the states of Kentucky, Indiana and Tennessee.
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