S&P Lowers State Auto Group’s Operating Company Ratings to ‘BBB+’

November 10, 2011

  • November 10, 2011 at 1:29 pm
    Donna Richards, AIC says:
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    It’s a shame what has happened to this company – once such a solid and reliable performer for its policyholders and investors. I think they will be going the Harleysville route in the next year, and more jobs will be lost due to mismanagement and poor investment choices.

    • November 12, 2011 at 7:22 am
      STFC stocks plummet says:
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      This company won’t be around much longer with numbers like these. Do I smell Liberty Mutual in their future?

    • November 14, 2011 at 8:51 am
      SA Branch Employee says:
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      Company hired a bunch of middle managers when everyone else was cuting back. Most are useless. Also, they have tried to turn the company into Travlers by hiring Restrepo, Fitch and others.
      They have taken on too many acquisitions and expansions without taking care of issues in existing states.
      Too bad. It was a great company and a great place to work years ago.

  • November 10, 2011 at 5:31 pm
    Steve-Oh! says:
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    Saw this coming. Rob Peter, you gotta pay Paul.

  • November 11, 2011 at 9:32 am
    Mark J. says:
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    we were a long time vendor that was dumped without even the courtesy of a phone call, in favor of an inferior competitor who undercut us by a few dollars a claim. Their staff calls us regularly encouraging us to push to get back in, but management will not even give you the courtesy of a return call.

    Robert Pein must be spinning in his grave.

  • November 11, 2011 at 8:42 pm
    STFC is cooked says:
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    These guys are cooked. Stick a fork in them, they’re done. This could be the Iowa National of 1986, and set the dominos tumbling. Not good.

  • November 11, 2011 at 8:43 pm
    STFC stocks plummet says:
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    Stock could drop below $10. Watch the next few weeks. These guys should be talking to sell. Who’s buying?

    • November 25, 2011 at 3:32 pm
      Start Up says:
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      You’re not far off STFC….. Shares of State Auto Financial (STFC) hit a new 52-week low on Friday. The stock traded as low as $10.09 during mid-day trading and last traded at $10.11. The stock previously closed at $10.23.

      A number of equities research firms have also recently weighed in on the stock. Analysts at Sandler O’Neill downgraded shares of State Auto Financial from a “hold” rating to a “sell” rating in a research note to investors on Thursday, November 17th.

  • November 15, 2011 at 9:23 am
    State Auto Agent says:
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    Very sad but not unexpected. This company has not delivered on any of the promises that they made to agents when they came to my state. They did not live up to the promises they made to the employees of the company they purchased. Lots of very good people that we trusted for a long time lost their jobs. The company’s claims service has been terrible. All of this just adds up to what we are seeing now.

  • November 15, 2011 at 10:27 am
    Lynda says:
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    From being on the inside I saw this coming. They lied to us from the very beginning of the merger. They hired some of the most inept management I have ever seen, laid off loyal personel with years of experience, moved operations to a more expensive area and alienated their agency base. I gave them 5 years and they are done. I bet they aren’t around next year.

  • November 16, 2011 at 3:29 pm
    Concerned says:
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    This is exactly what Restrepo did to Citizens(Hanover). You would have thought State Auto would have checked his past before hiring!!!

  • November 21, 2011 at 11:19 am
    Donna Richards, AIC says:
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    This is the 2nd week in a row that this has been the top story of the week on Insurance Journal. Shame it was not for a good reason.

  • November 28, 2011 at 7:48 pm
    Trusted Choice Agent says:
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    Oh Please! Are you kidding me? These comments are more like sour grapes than actual news.

    State Auto is wonderful. I have had several customers with claims who have been ELATED. Find a better way to spend your time than to throw mud at a company that really cares!

  • December 5, 2011 at 2:02 pm
    State Auto Agent says:
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    To the Trusted Choice Agent–you must not be in my state. All I hear from fellow agents is how bad the claims service has been. This topic has come up at the last 2 State Day meetings and still nothing is done.
    Glad to hear that you are not having problems.



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