NU Online News Service, Nov. 2, 3:53 p.m. EDT
Catastrophe losses impacted the earnings of super-regional property and casualty insurers State Auto Financial Corp. and Harleysville Group, leading to third-quarter net income reductions of 98.5 percent and 15.8 percent, respectively, for the two companies.
Columbus, Ohio-based State Auto reported 2010 third-quarter net income of $200,000, down from $13 million a year ago. The company said it experienced $23.7 million in catastrophe losses in the quarter, compared to $10.8 million a year ago.
State Auto's 2010 third-quarter combined ratio climbed to 105.9 compared to 102.5 last year.
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