State Auto Financial Corp. has received regulatory approval for proposed changes to the intercompany reinsurance pooling agreement for the State Auto Group, the company reports.
With all necessary regulatory approvals from various departments of insurance having been secured, the pooling changes are effective Dec. 31, 2011.
The overall participation of the STFC Pooled Co. and the SAM Pooled Cos. will change to to 65 percent and 35 percent, respectively, from their current 80 percent and 20 percent, respectively.
STFC also reported that final steps are being taken to place, effective by year end, a quota share reinsurance arrangement that would cede a significant portion of its homeowners business, possibly for a multi-year period.
State Auto Financial Corp. is headquartered in Columbus, Ohio.
The insurance subsidiaries of State Auto Financial Corporation are part of the State Auto Group. The State Auto Group markets its insurance products, primarily through independent insurance agencies, in 50 states and the District of Columbia. The State Auto Group is rated A (Excellent) by the A.M. Best Co. and includes State Automobile Mutual, State Auto Property & Casualty, State Auto Ohio, State Auto Wisconsin, State Auto Florida, Milbank, Farmers Casualty, Meridian Security, Meridian Citizens Mutual, Beacon National, Beacon Lloyds, Patrons Mutual, Litchfield Mutual Fire, Rockhill Insurance, Plaza Insurance, American Compensation and Bloomington Compensation.
Source: State Auto Financial Corp.
Topics Auto
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