TEXT-S&P cuts State Auto Group Cos ratings

Newswire

(The following statement was released by the rating agency) -- Ohio-based State Auto Group's operating performance has been deteriorating in relation to the property/casualty industry (excluding mortgage and financial guaranty insurers), and we don't expect it to return to historical levels in the next two to three years. -- A substantial decline in underwriting results, below-average investment income, and an acquisition that is not contributing to the group's operating profits are ...

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