UPDATE 1-State Auto Financial sees higher Q3 catastrophe losses

lunes 6 de octubre de 2008 13:21 CEST

(Recasts, adds details)

Oct 6 (Reuters) - State Auto Financial Corp (STFC.O: Cotización), a regional property and casualty insurance holding company, expects a near 10-fold increase in catastrophe losses for the third quarter as hurricane Ike hit parts of the Midwest. The company sees pretax catastrophe losses between $55 million and $60 million in the third quarter, up from the $5.6 million it posted a year earlier.

The most significant losses occurred in Ohio, Indiana and Kentucky, as Ike delivered tropical storm-force winds to parts of the Midwest, State Auto said. The Columbus, Ohio-based company said it does not have any direct exposure to Lehman Brothers Holdings Inc LEHMQ.PK, American International Group Inc (AIG.N: Cotización), and the common or preferred shares of Freddie Mac FRE.N and Fannie Mae FNM.N.

Shares of the company closed at $29.51 Friday on the Nasdaq. (Reporting by Amiteshwar Singh in Bangalore; Editing by Amitha Rajan)