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Bob Restrepo, president & CEO, State Auto

State Auto Financial Corporation will see a dramatic drop in third-quarter catastrophe losses, but the insurer says it must increase reserves for prior periods due to adverse claims development in a commercial auto trucking program that the company canceled as April 1, 2012.

State Auto says it will increase its loss and loss expense reserves for prior periods by between $19.0 million and $21.0 million on program business written by its subsidiary, Risk Evaluation & Design LLC (RED).

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