X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

Domestic insurance companies reported mixed third-quarter results, with State Auto taking a net loss, although a narrower loss than last year, while EMC Insurance Group and Safety Insurance Group reported higher net income.  

Columbus, Ohio-based State Auto says it took a 2012 third-quarter net loss of $5.5 million, compared to a loss of $58.7 million a year ago. CEO Bob Restrepo attributed the loss primarily to a previously disclosed increase in 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 increased 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).

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

 

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.