State Auto

Liberty Mutual completes $2.3bn acquisition of State Auto Group

In a deal that was announced in July last year, Liberty Mutual has now completed the acquisition of super-regional property and casualty insurer State Auto Group for $2.3bn.

Garland to lead State Auto once Liberty Mutual deal completes

Liberty Mutual Insurance has announced plans to appoint Kim Garland as president of State Auto once the mutual’s pending $2.3bn acquisition of the super-regional insurer completes in 2022.

KBW: Competing bids for State Auto not expected

The $52 a share that Liberty Mutual has agreed to pay for State Auto Financial Corporation (STFC) as part of its transaction to also combine the US insurer’s mutual business into its own is not expected to trigger competing bids, according to KBW analyst Meyer Shields.

Liberty Mutual to add $2.3bn of premium with State Auto acquisition

Liberty Mutual has agreed to buy State Auto Group in a deal that values the publicly traded entity of the super-regional insurer at $52 a share, or $2.3bn, and which the acquirer said will make it the second largest independent agency carrier in the US.

State Auto falls to Q1 operating loss as Texas storms add 17 points to CR

State Auto has reported a net operating loss for the first quarter as 17 points’ worth of Texas storm losses pushed its combined ratio to 112.9 percent.

State Auto facing $66mn winter storm loss amid $80mn-$82mn Q1 cat hit

State Auto is facing an estimated $80mn to $82mn of net catastrophe losses from 2021’s first quarter, with the bulk coming from its exposure to claims from winter storms Uri and Viola.

State Auto Q4 combined ratio improves to 93.8%

State Auto ended “an otherwise challenging year” with a 6.2 point improvement in its fourth-quarter combined ratio to 93.8 percent and 7.8 percent growth in net written premium.

State Auto’s Q3 Irma creep hits reinsurance retention

State Auto has reported third quarter results that were hit by $58.7mn of catastrophe losses, which included $12.3mn of Hurricane Irma creep that leaves the US insurer reserved up to the retention of the reinsurance treaty in place at the time of the 2017 storm.

State Auto on course for another quarterly operating loss after $90mn cat hit

Equity analysts expect State Auto to fall to a consecutive quarterly operating loss after it revealed that its Q2 result will be impacted by $90mn – or 26.5 points – of net catastrophe losses, primarily driven by wind and hail events that impacted the South and Midwest US.

State Auto extends CEO contract

State Auto Financial and State Auto Mutual have added a year to the employment contract of president and CEO Mike LaRocco, taking the agreement through to the end of 2022.

Tornado exhausts risk cover as State Auto reveals portion of book doesn’t exclude virus

State Auto has told investors that its business interruption (BI) exposure to Covid-19 is limited because its commercial policies require direct physical loss or damage to property, but also disclosed that almost half of its BOP and middle market policies don’t have a specific virus exclusion.

Cat losses drive State Auto to Q1 loss as CR climbs to 107.2%

Columbus, Ohio-headquartered State Auto has reported an operating loss of $7.8mn, or $0.18 per diluted share for the first quarter, compared to an operating profit of $13.6mn, or $0.31 per diluted share in the prior-year period.

Insurtech understanding of insurance still “so limited”: State Auto CEO

Insurtechs must get better at understanding insurers’ specific needs and finding solutions for those while many carriers themselves have not built the infrastructure needed to benefit from insurtech, according to State Auto’s CEO.