First-quarter 2009 earnings for State Auto Financial Corporation (STFC) will include "larger than normal" catastrophe losses of between $38 million and $42 million, due to Jan. and Feb. storm activity, the company said.
Bob Restrepo, chairman, president and CEO of the Columbus, Ohio, super-regional property-casualty insurer, said, "Ice and wind storms that hit our Midwest operating states in late January and early February have contributed significantly larger than normal losses to STFC's first-quarter results. These storms include events that qualify toward our new catastrophe aggregate reinsurance program.
"Over the past five years, we have experienced an average of $12.4 million in pre-tax catastrophe losses during the first quarter and reported $35 million in the first quarter of 2008."
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