State Auto Estimates Pre-Tax Cat Losses of $55M – $60M in Q2

Columbus, Ohio-based State Auto Financial Corp. announced preliminary estimates of losses due to second quarter 2010 catastrophe storm activity. The company expects second quarter 2010 results will include between $55 and $60 million in pre-tax catastrophe losses.

STFC has averaged $40 million in second quarter pre-tax catastrophe storm losses over the past five years. STFC reported $36.9 million attributable to storms for the second quarter of 2009.

“We experienced 13 catastrophes in the second quarter, which were widely scattered throughout our territories, with approximately 60 percent occurring in four of our largest property states: Indiana, Minnesota, Ohio and Tennessee,” said STFC chairman, president and CEO Bob Restrepo. “In all of our locations impacted by severe weather, our claims catastrophe teams and our agents worked tirelessly together under difficult conditions to meet the needs of our insureds.”

STFC will release second quarter 2010 financial results on July 29, followed by a conference call at 10:00 a.m. EDT to discuss the company’s overall performance.

Source: State Auto Financial Corp.