State Auto Financial Corp. (STFC), a P&C insurance holding company, says the proposed changes to the intercompany reinsurance pooling agreement for the State Auto Group received all necessary regulatory approvals from various departments of insurance. The pooling changes were made effective as of Dec. 31, 2011, and include changing the overall participation of the STFC Pooled Companies and the SAM Pooled Companies to 65 percent and 35 percent, respectively, from their current 80 percent and 20 percent, respectively.
Final steps were taken in the last days of 2011 to ensure a quota share reinsurance arrangement that would cede a significant portion of its homeowners business, possibly for a multi-year period, says STFC.
STFC says its insurance subsidiaries 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 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.
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