Columbus, Ohio-based State Auto Financial Corporation said it estimates second-quarter losses from 16 catastrophic storms could exceed $80 million.

The company said preliminary calculations put the expected loss for the period between $76- and $84 million in pretax catastrophe losses. It said the above range includes $3.4 million related to adverse development from prior periods.

STFC Chairman, President and Chief Executive Officer Bob Restrepo said in a statement: "Unfortunately, the unusually harsh storm activity we saw in the first quarter of this year has continued into the second quarter. This heightened level of storm activity will contribute higher than normal catastrophe losses to STFC's second-quarter 2008 results."

Recommended For You

Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader

Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
NOT FOR REPRINT

© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.