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Liberty Mutual Insurance has finalized the acquisition of State Auto Group, a property and casualty insurance firm based in Columbus, Ohio. This all-cash deal valued at approximately $1 billion includes payments of $52 per share for State Auto Financial Corp. (NASDAQ: STFC), adding $2.3 billion in premium and positioning Liberty Mutual as the second-largest carrier in the independent agent channel. Over 2,000 employees from State Auto will join Liberty Mutual's Global Retail Markets US unit. Both companies will operate separately for most of 2022.
State Auto Financial Corporation (STFC) announced Liberty Mutual's intention to appoint Kim Garland as president following its pending acquisition. Garland, who has held various leadership roles at State Auto since 2015, is recognized for his pivotal contributions to the company’s transformation. The acquisition is expected to close in 2022, pending regulatory approvals. Chairman Mike LaRocco expressed confidence in Garland’s ability to lead State Auto into a successful future, emphasizing his experience in driving innovation in the insurance industry.
State Auto Financial Corporation (STFC) has declared a quarterly cash dividend of $0.10 per share, payable on December 28, 2021, to shareholders of record as of December 15, 2021. This marks the 122nd consecutive quarterly dividend since STFC's IPO in 1991. Headquartered in Columbus, Ohio, STFC operates as a super regional property and casualty insurance holding company and is part of the A.M. Best rated A- (Excellent) State Auto Group.
State Auto Financial Corporation (NASDAQ:STFC) reported a net loss of $14.3 million, or $0.32 per share, for Q3 2021, a decline from net income of $11.6 million in Q3 2020. The GAAP combined ratio was 105.3, an improvement from 106.0 in Q3 2020. For the first nine months, STFC posted a net loss of $10.1 million, versus a $68.7 million loss in 2020. Net written premiums rose by 10.2%, supported by a 17.1% increase in commercial lines. As of September 30, 2021, book value per share stood at $21.49, down from $22.18, and return on equity was 7.5%.
State Auto Financial Corporation (STFC) shareholders have overwhelmingly approved the proposed merger with Liberty Mutual Holding Company, with 99.5% voting in favor. The merger is expected to close in 2022, pending necessary approvals and customary closing conditions. STFC operates as a super regional property and casualty insurance holding company, offering products across the U.S. through independent agencies. This merger could significantly impact STFC's market position and stakeholder interests.
The board of directors of State Auto Financial Corporation (NASDAQ:STFC) has declared a quarterly cash dividend of $0.10 per share, payable on September 27, 2021, to shareholders recorded by September 15, 2021. This marks the 121st consecutive quarterly cash dividend since STFC's IPO in 1991.
State Auto Financial Corporation, based in Columbus, Ohio, operates as a super regional property and casualty insurance holding company, traded on the NASDAQ Global Select Market.
State Auto Financial Corporation (NASDAQ:STFC) reported Q2 2021 net income of $0.6 million ($0.01/share), significantly down from $34.3 million ($0.74/share) in Q2 2020. The company's net loss from operations per diluted share was $0.47, improving from $0.59 year-over-year. The GAAP combined ratio was 110.0, down from 114.7. Net written premiums rose 8.0% in Q2 2021, with commercial insurance premiums up 18.0%. The book value per share increased to $22.18. STFC plans to be acquired by Liberty Mutual, pending necessary approvals, which is expected to enhance its market position.
State Auto Financial Corporation (NASDAQ:STFC) has canceled its second quarter 2021 earnings conference call originally set for August 5, 2021, following the announcement of Liberty Mutual's acquisition of the State Auto Group. STFC will still release its Q2 2021 financial results on the same day before market opening. Liberty Mutual's acquisition introduces uncertainty regarding regulatory approvals and the overall impact on STFC's operations and client relationships. The company remains rated A- (Excellent) by A.M. Best.
State Auto Financial Corporation announced a definitive agreement to be acquired by Liberty Mutual, a move endorsed by A.M. Best. CEO Mike LaRocco emphasized the partnership's potential to enhance operations, product expertise, and digital capabilities while expanding its geographical footprint. State Auto, rated A- (Excellent) by A.M. Best, operates as a property and casualty insurance holding company, trading under the ticker STFC on NASDAQ.
AM Best has placed the Financial Strength Rating of A- (Excellent) and Long-Term Issuer Credit Ratings of State Auto Financial Corporation (STFC) under review with positive implications. This follows the merger agreement with Liberty Mutual, which will see STFC's publicly held shares acquired at $52 each, totaling about $1 billion. The ratings will remain under review until necessary approvals are finalized. AM Best expects that the resultant merger will strategically benefit STFC, along with its operating subsidiaries.
