Editor's Note: This article originally appeared in National Underwriter, P&C.
High U.S. storm losses affected a number of earnings announcements late this week, eclipsing normal weather-related losses for this time of year and impacting profitability.
State Auto Financial Corp., which earlier this month warned of significant losses, reported a 2010 second-quarter net loss of $26.2 million compared with a net loss of $3.2 million last year at this time. Catastrophe losses due to wind and hail for the Columbus, Ohio-based insurer caused $57.5 million in losses, adding, 18.6 points to its loss ratio. The combined ratio for the second quarter was 115.2.
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