State Auto Financial Corporation (NASDAQ:STFC) todayannounced that it elected Robert P. Restrepo, Jr. as Chairman andChief Executive Officer, effective immediately. He was elected to thesame offices by the board of directors of State Automobile MutualInsurance Company, STFC's parent. He was also elected to the board ofdirectors of both companies. Mr. Restrepo's election completes theprocess of choosing a successor to Robert H. Moone, who last Mayannounced his decision to retire in May of 2006.
Bob Restrepo comes to STFC with a broad and deep background in theproperty casualty insurance industry encompassing both national andregional companies and consistently demonstrating a strong commitmentto the independent agency system. His varied experience includessenior executive roles at Aetna, Travelers, Hanover, and most recentlywith Main Street America Group in Jacksonville, FL. A graduate of YaleUniversity, Bob has also served on a number of industry and communityboards including the American Insurance Association where he wasChairman in 2003. The board of directors of STFC believes that Bob hasshown strong leadership and has produced positive financial resultsthroughout his career. He is well matched for the platform andpotential that STFC has built.
Robert Moone, the outgoing CEO and Chairman, who will remain asPresident until March 3, and as an employee of STFC until hisretirement in May of 2006, expressed confidence in his successor tolead STFC and its affiliates in continuing to build shareholder valueand grow the Companies, saying: "In Bob Restrepo the boards haveidentified a proven executive with a broad base of industry knowledgeand involvement. I will assist Bob in any way I can as he undertakeshis new responsibilities at State Auto."
The new Chairman and CEO of State Auto indicated, "I appreciatethe confidence the boards of directors have placed in me and Iunderstand what's required to continue State Auto's remarkable recordand build on the great legacy Bob Moone has given us all. Togetherwith State Auto's boards, employees and agents, I know we can deliverthe products, systems and services that will differentiate us in themarketplace and distinguish us in the eyes of all our stakeholders. Wewill both build on the past and face the future with energy,intelligence and a commitment to excellence.'"
State Auto Financial Corporation, headquartered in Columbus, Ohio,is a regional property and casualty insurance holding company engagedprimarily in writing both personal and commercial lines of insurance.The company markets its products through nearly 22,000 independentinsurance agents associated with more than 3,100 agencies in 26central and eastern states, excluding New York, New Jersey and the NewEngland states. The company was named Best Managed Insurance Companyfor 2006 by Forbes magazine and is one of only 314 publicly tradedcompanies to earn the Mergent Award for having increased its dividendsfor ten or more years in succession. The State Auto InsuranceCompanies are rated A+ (Superior) by the A.M. Best Company. Additionalinformation on the company can be found on its web page atwww.STFC.com.
Except for historical information, all other information in thisnews release consists of forward-looking statements within the meaningof the Private Securities Litigation Reform Act of 1995. Theseforward-looking statements are subject to risks and uncertainties thatcould cause actual results to differ materially from those projected,anticipated or implied. The most significant of these uncertaintiesare described in State Auto Financial's Form 10-K and Form 10-Qreports and exhibits to those reports, and include (but are notlimited to) legislative changes at both the state and federal level,state and federal regulatory rule making promulgations andadjudications, class action litigation involving the insuranceindustry and judicial decisions affecting claims, policy coverages andthe general costs of doing business, the impact of competition onproducts and pricing, inflation in the costs of the products andservices insurance pays for, product development, geographic spread ofrisk, weather-related events, and other types of catastrophic events.State Auto Financial undertakes no obligation to update or revise anyforward-looking statements.
