State Auto Financial Corp. reversed a first-quarter loss, booking net income of $19.7 million.
The Columbus, Ohio-based super-regional insurer reported a net income loss of $2 million a year ago after the first three months.
State Auto says its homeowners' quota share reinsurance arrangement increased the company's underwriting loss by $12.9 million in the first quarter—offset by lower catastrophe losses during the first quarter.
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