NU Online News Service, Aug. 10, 2:22 p.m. EDT
State Auto Financial Corp. said it no longer wants to be in the nonstandard automobile insurance business and is selling a subsidiary that sells that insurance--State Auto National--to Hallmark Financial Services Inc.
"Enabling State Auto National to effectively compete in the nonstandard market would require a significant investment that couldn't be leveraged elsewhere within the State Auto Group," Bob Restrepo, chairman and chief executive officer, said in a statement.
He said State Auto National was "no longer a good strategic fit" for the group.
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