State Auto Financial Reports Impact of Storm Activity

Rhea-AI Summary

State Auto Financial Corporation (Nasdaq:STFC) announced an estimated impact of approximately $80 million to $82 million in net catastrophe losses for Q1 2021, primarily due to winter storms Uri and Viola. The estimated losses include $66 million specifically related to Texas. STFC will release its Q1 2021 financial results on May 6, 2021, before market opening, followed by a conference call at 11:00 a.m. ET. The company is noted for its strong A- (Excellent) rating from A.M. Best.

Positive

• None.

Negative

• Estimated net catastrophe losses of $80 million to $82 million for Q1 2021 could negatively impact financial performance.
• $66 million of losses specifically linked to winter storms Uri and Viola.
• Potential for earnings volatility due to significant catastrophe losses.

State Auto Financial Corporation (Nasdaq:STFC) today announced its preliminary estimate of the impact of catastrophe losses on its first quarter 2021 results. The company estimates the first quarter results will include net catastrophe losses including reinsurance reinstatement premiums between approximately $80 million to $82 million. The estimate includes $66 million of net catastrophe losses from winter storms Uri and Viola, a significant portion of which related to the State of Texas.

STFC expects to release its first quarter 2021 results on Thursday, May 6, 2021, before the open of regular trading on the Nasdaq Stock Market and discuss its first quarter results in a conference call on Thursday, May 6, 2021 at 11:00 a.m. ET. The call can be accessed via webcast at http://www.StateAuto.com/STFC.

About State Auto Financial Corporation

State Auto Financial Corporation, headquartered in Columbus, Ohio, is a super regional property and casualty insurance holding company. STFC stock is traded on the Nasdaq Global Select Market, which represents the top fourth of all Nasdaq listed companies.

The insurance subsidiaries of State Auto Financial Corporation are part of the State Auto Group. The State Auto Group markets its insurance products throughout the United States, through independent insurance agencies, which include retail agencies and wholesale brokers. The State Auto Group is rated A- (Excellent) by the A.M. Best Company and includes State Automobile Mutual, State Auto Property & Casualty, State Auto Ohio, State Auto Wisconsin, Milbank, Meridian Security, Patrons Mutual, Rockhill Insurance, Plaza Insurance, American Compensation and Bloomington Compensation. Additional information on State Auto Financial Corporation and the State Auto Insurance Companies can be found online at http://www.StateAuto.com/STFC.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210408005959/en/

FAQ

What are the estimated catastrophe losses for STFC in Q1 2021?

STFC estimates net catastrophe losses between $80 million to $82 million, including $66 million from winter storms Uri and Viola.

When will State Auto Financial Corporation release its Q1 2021 earnings?

STFC will release its Q1 2021 results on May 6, 2021, before the market opens.

What is the significance of winter storms Uri and Viola for STFC?

The storms have resulted in approximately $66 million of the total estimated catastrophe losses for STFC in Q1 2021.

What is the A.M. Best rating of State Auto Financial Corporation?

State Auto Financial Corporation is rated A- (Excellent) by the A.M. Best Company.