State Automobile Mutual Announces Affiliation Agreement with Patrons Mutual Group
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State Automobile Mutual Insurance Company announced today that it has
entered into an affiliation agreement with the Patrons Mutual Group of
Connecticut. Under this agreement, State Automobile Mutual will assume
operational authority of the Patrons Mutual Group subject to approval by
regulatory authorities and members of the Patrons Group.
"We are very pleased to announce our
affiliation with Patrons Mutual Group, which includes both the Patrons
and Litchfield Fire Insurance Companies. We welcome them into the State
Auto family. After working with the Patrons and Litchfield teams over
the past several months, I know that the cultures and operating
philosophies of our companies are very similar. I am confident that this
affiliation will benefit the policyholders, associates and agents of
both groups,” commented Bob Restrepo, State
Auto Chairman, President and CEO. "This
affiliation benefits State Auto, enhancing our geographic spread and
developing a new source of profitable growth. The policyholders of
Patrons and Litchfield will gain access to new products and services and
a strong balance sheet, while preserving a strong local presence of
quality people and responsive service,” added
Restrepo.
Patrons Mutual Group President and CEO William Siclari said, "From
our first discussions we knew our cultures matched. Like State Auto, our
employees are the heart of our business and our agents the life blood.
The business synergies benefit both parties by providing State Auto
entry into New England and Patrons enhanced technology and financial
strength. This affiliation will allow Patrons and Litchfield to expand
their business potential with policyholders, agents and employees.”
The Patrons Mutual Group, headquartered in Glastonbury, Connecticut,
consists of Patrons Mutual Insurance Company of Connecticut, Litchfield
Mutual Fire Insurance Company, Patrons Fire Insurance Company of Rhode
Island, and Provision State Insurance Company. The Patrons Mutual Group,
currently rated B++ (Very Good) by the A.M. Best Company, markets its
personal, commercial, farm and specialty insurance products through
approximately 200 independent insurance agencies in Connecticut,
Massachusetts, Rhode Island and Vermont. For the year ended December 31,
2006, the companies posted direct written premiums of $54.0 million and
had policyholders’ surplus of $23.7 million.
The State Auto Insurance Companies, headquartered in Columbus, Ohio, are
engaged primarily in writing personal and business insurance products
exclusively through approximately 3,200 independent insurance agencies
in 29 states and is proud to be a Trusted Choice®
company partner. The State Auto Insurance Companies include State Auto
Financial Corporation (NASDAQ:STFC), and State Automobile Mutual
Insurance Company, which is one of only 14 companies rated A+ (Superior)
by the A.M. Best Company every year since 1954. Additional information
on the State Auto Insurance Companies can be found online at www.StateAuto.com.
