NU Online News Service, May 4, 11:22 a.m. EST

In reporting relatively flat first quarter income of $12.7 million, State Auto Financial Corp. says higher levels of catastrophes and large liability losses offset strong personal auto results and improvements in property lines.

In a conference call to talk about the earnings, Chief Executive Officer Robert P. Restrepo Jr. says $16 million in catastrophe losses during the first quarter added 4.6 points to the total 69.3 loss ratio. Excluding catastrophes the combined ratio last quarter was 98.4 versus 96.4 last year during the same time. The increase was driven by large liability losses that added 3.5 points.

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