STFC - Earnings call transcript Q4 2020 | State Auto Financial CORP

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Operator

Welcome, and thank you for standing by. At this time all parties are in a listen-only mode. After the speakers remarks, there will be a question-and-answer session. [Operator Instructions] I would now like to turn the call over to Investor Relations Director, Natalie Schoolcraft. Please go ahead.

Natalie Schoolcraft

Nicole. you, Thank everyone. Good morning, our Fourth Conference to XXXX Quarter Call. Welcome Earnings President by Today, Matt CFO, Investment and Vice Labs, Commercial Kim our of State CEO, Officer Vice and Director joined and Steven Personal Scott Managing Lines Officer Mike Senior Garland; and President Actuarial Auto President Analytics Chief Chairman, I'm Jason Mrozek; of Chief and and Vice LaRocco; English; Jones. President Senior of Data Senior Berkey; open we'll the remarks, prepared questions. for our After line

end forward-looking which certain future differ press uncertainties, may by as our of with include Such involve discussed may measures factors release. and our release, quarterly number with of the of and results are our others nature in materially financial factors today part Commission. are the factors at reconciliations a non-GAAP press well contained types in which Exchange projections comments Our containing to filings statements, those included our cause actual Securities risk and financial as or annual their from information These risk of along forward-looking supplemental schedules affect as may Financial performance. statements. of

along made can section. Additional Our Monitoring Progress stateauto.com has press be the on material our website been and found under titled Investors with release available the

I'll the LaRocco. to call STFC's over Chairman, Now, turn Mike President & CEO,

Mike LaRocco

Natalie, Thanks, good morning, and everyone.

we many to look based want do on and our but so more on the everyone our many team I difficulties could have and on team how through hope I in XXXX. proud challenges. My phase ahead in this your as I of State this not begin, we as this healthy safe is which I final year Auto a say be continue of responded families the we're had challenge, results and both pride and back I are we us. just to we Before believe of virus. call battle

a and catastrophic away Thanks In injustice, turn faced with It pandemic, of election, response of not day this team not political outstanding overnight. the ongoing with a divisive our to begin year me the claims which place where reality a to Rather, came team associates. record-level Let was racial together. near our of we did lost. we platform, primarily our one work-from-home transition took a digital began from organization, to another. a

the open to product, culture are thing it and fairly. school a head with weather by of are with to cannot importantly, and Words the where The challenging We difficult also needs reality difficult our work members, customers' team of properly about and allowed and through family We requires the workplace, required which our They the speed, made fairness with be day our delivered as to their express delivered is at in promised our need. my for and of of way the pandemic. worse treated all circumstances, welcome under customers in moment end meet and teams pride empathy. first do unconscious. conscious all our making team were our family the our there personal emotional, as injustice dealt racial of ill home, shelter of putting on. community challenges dealing and and discussions They to More the culture had place, was the the challenges this race but change, issues bias, our more. realities at and kids and candid both while right

That and we the We fourth of are. grew. we The Now the results. quarter company: we we demonstrated made who told a as a really entire profit the where is story are to year.

results, results that The accept solid reality happens first the year. but know disproportionately quarters we three quarter That fourth a of overall impacted by and the were catastrophic are weather. XXXX, the we

not progress did work the we've that We product happy year, quarter continuing say auto back it made. the our the I news. the personal have get spent line our some In told does results. bad the I'm story profitability the when of with and to not this year fourth was story Now, cases, mean our to

we However, will cases, say, I suffered of auto the profit with years profitable produce auto, a in but underlying our this CATs other for XXXX. was level we return this were product do those business. pleased than personal unable Other line to XXXX. saw will at level high very year from loss experience Kim to not the the in we that of detail in I'm of in CATs, in profitability. will where I'm levels confident all cover product be lines Many expect ratios non-CAT the high unusual will personal

with product compensation finished that Even this have on how I'm impacted effect, they're line compensation now adversely that platform. workers where our with was year we COVID. the positioned by digital workers' and pleased Our

to all our continued be big see we've begin our to Connect. ratio by all technology, by to business. of competitive impacted bill getting more expense the on products expense Our in for completed the transition now lines our ratios We'll investment that

is a XXXX; want take without a five in investing moment technology. We in journey being we story department. expense knew about could did what IT competitive focused on to continuing talk to over the that to and success delivered. efficiency. not committed we're that ratio years ago We vision now we Our our just I to get to

to results. updated creating last to has in invested years support has that done long-term the is cloud-native complete and Auto. viability needed has two State we've more the environment and already for enabled rates of of offer strategy tangible been transformation. the a truly strategy game an been technology We've very Everything Our ensure in scale competitive the including five digital of

the able of is platform top continue we'll for our lift these customers deliver do grown the benefits four we've as continue without staff. to believe last see we productivity intelligently we've over we as years, been and to First, huge This technology and we to so built. adding agents a on solutions

business and a accelerate We pandemic. to Second, us shifted and global a digital success agents' investments platform in meet to continued our environment transformation and through customers' our work-from-home seamlessly to allowed need. our

Not of we my productivity the release a the and claims, all but sales and will pandemic, Connect, of final line. compensation deliver bring that is farm face these this our year. as miss it's on transformation technology we bottom to only products, continue benefits continued to the our as the digital far expectation did to not single organization. service, did ranch, and Again, finance through flow in and over workers from investments well digital platform we Our

throughout and porting just Our not the organization, move policy be digital to sales entire felt will issuance.

our underlying to improve to faze even security. our the they and did architecture We got also better. Working completed improved models, several continue information changes remotely not team, pricing this

Finally, claims. a quick interruption comment on business

done exclusion have the in teams for defending is cautiously physical of support additional will vast further where alongside not position specified. extraordinary remain of I potential Our work, or the the loss our working met coverage by majority those closure limits and a is and outside virus the precedent requirement exclusion date, the or optimistic console courtrooms situations virus, To prevail. that

English. me esteemed pass CFO, Steve Steve? the Now call to along our let

Steven English

of operating XXXX. investment to diluted fourth business. quarter from combined reserves reported gain share, income along Investment headlines from to for and ratio. at realized good additions of $X.XX better unrealized XXXX. Irma net $X.XX impacted basis, a XXXX, Okay. morning, On more in quarter related with net basis, expense on including gain GAAP Mike, three XX.X, XXXX, This year-to-date CAT quarter $X.XX catastrophe ago, income reported reflects non-CAT a compared period gains exceeded a loss greater with from year the as the by XXXX fourth operating STFC the investment loss year-to-date the quarters COVID-XX increased net points share the and with to same ratio the Fourth FOURTH a year a X.X of which in reported quarter operating were marginally much-improved On were ratio, loss results, quarter compared income book income. while ratio, for per than XXXX Hurricane net a XXXX, of XXXX. The ago, per than earnings year of quarter QUARTER ratio reflected caps ago, the first STFC driven reported STFC all everyone. gains. underwriting losses for all diluted which earnings as Thanks, an by specialty per fourth to three year of the improved greater GAAP along fourth negatively catastrophes, the improvement and well dominated for of growing losses fourth casualty in $X.XX combined XXXX share metrics: loss reduced diluted

elevated and be XXXX. our the higher of A loss year, improvements is Fourth ago, due the in points quarter in XXX.X impacting not Worth. of from we're overcome and at ratio. late Dallas ratio X.X% storms GAAP loss higher XXXX, points ratio a was For with the non-CAT X.X to Irma X.X ratio specialty loss than full Fort year Harvey by year CATs expense CAT October down development, combined along could which

XXXX loss X.X our and fourth same loss X.X small ALAE Net On the than all loss points ratio was X.X point. X.X XXXX of ratio of to XXXX. point a improved the when compensation the loss prior The improved quarter compared year, commercial declined quarter workers points product. primarily of to of And a points of fourth quarter basis, of reserves with in was and amount related consistent XX.X% a the the XXXX. expense higher the recorded with for the year non-CAT the periods. two non-CAT For fourth the in of ratio-improving CAT ratio year-to-date expense quarter GAAP ratio development XXXX favorable fourth and comparing

compared XX.X unexpected related with XXXX. continues to accident loss overall was years' adverse development experience Workers net of XXXX reserves bodily favorable This drove XX.X in compensation a On $X.X former shifted prior the in down favorable million year-to-date million, development ratio in due XXXX. multiple favorable in million development fourth year E&S $XX.X to million XXXX million compared GAAP line, the $XX.X to primarily XXXX. loss $XX.X along XXXX, improved year, market point. development. quarter QX year for from increases injury development primarily Specialty strong, of overall development also $X.X expense severity for Personal one was $XX.X to favorable one compared lines $XX.X to million the commercial products million a to expense to the from ago. GAAP claim experienced personal XXXX a to of middle and product net Commercial relating net adverse net or $XX.X basis, ALAE small with X.X claims. shift compared in point the XXXX. The casualty lines million in be of ratio For to was totaled development favorable auto and

last the written for net the net for levels. Mike ratio a For business an actions. along interest lines commercial of during year-to-date all provide had X.X% reflect quarter from the investment which active year this finished the combined Fourth December XXXX. $XX environment at expense income flat variable were quarter interest our the premium with lower quarter the finish that MLP the and interruption mutual, continue the class, compared same year income to commercial ago, year and higher value grew share stock for increases than with this of with XXXX on on growth To decline. for year commented stayed losses, XXXX. segment results, quarter of XX.X. essentially Expense rise will offset values rate contributed quarter of up a million, Net update receivable since written out earnings and the and to we comparing XXXX cases, XX notes operating for the of we scale up XX, class by of proposed and IT-related with up of to call, lower valuations investment mentioned, year-to-date growth. investment what were second four a to XX.X quarter Overall, compensation I $XX.X at was with fixed quarter, Personal the personal this when to and be major time lines income grew indexes ratios impact periods in lower premiums X.X% on rate the agent regarding our $XX.XX and statutory follow on book which XX.X the exiting costs XX.X% per in while

actions. Through million loss As $X.X with year XX, XX for a these currently dismiss recognized filed, of The currently the three pending, XX motions were cases. for we the reminder, December have no pending. pending adjustment the Of XX the had plaintiffs. ended have seven four while longer withdrawn three by were XXXX include to cases we class expenses lawsuits suits granted, defending today,

have Cases was and to damage the moved involving that For and policies where to well two require policies virus as discovery. or we direct dismiss damage. direct have situations loss requirement, not physical or a targeted motion as a loss granted physical our exclusion the cases,

the approximately closed. interruption we've business X,XXX For XX% are claims received

Kim. I'll increasing for to call reduced to it gain seated balance our income future over Advantage a which And briefly point the out premiums revisions Medicare XXXX under-reported closed our I last XXXX was sheet and shareholders' turn and for in of which strategy gain, premiums revision Garland, cost to Kim actuarial while to wanted equity. a Before the actuarial to medical receivable, I retiree a with The to some the for statements, over medical recognize primarily quarter, that, moving and post-retirement liability and beginning plan. turn XXXX was reflected XXXX inventorial an funding savings, to result

Kim Garland

good Thanks, Steve, and everyone. morning,

line overall to ratio following. for and commercial XX.X% is compared overall The the lines quarter. personal Personal for the commercial XXXX. QX combined Our are the and statutory personalized X.X ratio points added to results auto combined XX.X% QX XXXX

XXXX, to Our XXXX. to lines growth QX all growth premium points XX.X% Written QX the XXXX XX.X% and Written XXX.X XXXX. commercial excluding XXX.X was for of compared was premium X.X% remainder XXXX XXXX XXXX QX premium ratio for personal is QX is written for versus for personal growth compared for XXXX. of auto combined versus

of had XX.X% X%. had of personalized written and premium lines combined commercial of a growth ratio and XX.X% XX.X% quarter, written and combined the growth of ratio For premium a

QX combined QX X.X than lines is commercial XXXX for Our ratio and personalized points better XXXX.

lines with is commercial points lower loss X.X personal being Our points X.X CAT ratio X.X and lower XXXX points QX than higher. being lines

prior ALAE reserved with XXXX. accident than Our ratio X.X year Prior ratio QX year loss QX consistent lower your XXXX. less was favorable The points impact is was than non-CAT relatively and development points loss QX XXXX. X.X

a current XXXX. at Our XXXX accident ratio QX than X.X QX year is better than points lower bit loss

personal quarter more a the on Our issues one our for us going XXXX fourth we new at auto business. our we of XXXX. things were the in our points to our more away you and not adequate had that to predominantly risks auto rates address remainder more non-standard solid. business non-standard in understand at underwriting competitive expense book we personal going this that year To towards to ratio very the We business. preferred of implement you auto very of were identified our do the I results auto business is struggles going from We're I auto. personal results about shift call, poor consistent and and on to leakage managing X.X of on of spoke -- auto quarter, our the results told situation. should mix are the the to -- made personal rating personal risks A than -- from and to non-standard our QX address with ago auto look condition that going overall preferred our from effectively personal structure higher poor separately came that

have these force the The mixed of each our We in has personal of things. changed business in done auto following shift Connect ways. policies

preferred XXXX, December XX% our business and and was by of December December XXXX, ultra-preferred policies and ultra-preferred XX% force preferred, business preferred. as in was were end Connect XX% ultra-preferred preferred. ultra-preferred For Connect our of XXXX, our and of Connect the of of and

Connect was ultra-preferred for in growth XXXX and XX%. PIF Our preferred

that insurance non-standard, business by XXXX, and our seeing December non-standard Connect and harsh auto XX.X% year have XX% But issues, have approved December XX%. non-standard, the of XXXX, verification implementation of our year PIF leakage was this our to that Connect XXXX, states being and non-standard. are X.X our we shrunk in Connect processes Connect non-standard we was the auto pricing the dropped will we of version personal In had Connect For of financial by XXXX, of overhauled business now X.X the XX implemented reality and business on data personal both of and XX% the economics impact end by December of of management as improve area. only and a results and the The auto of to underlying small been model, of impact agency anticipated addressing from this these actions financial seen in be results. majority that the XXXX is XXXX our actions our these impact had personal

asked combined be personal XXXX. improved results to when needs in industry's the that question why auto the State personal a auto other not improved did XXXX rest results Auto's about ratio The of is,

XXX.X personal result is our pretty of XXXX Auto in ratio clearly higher is an ratio combined Our than of straightforward. This XXXX The our industry. result the outlier driver XXX.X. is a point combined of outlier

our development give the of are in decreased was seeing. and actions year And But your personal results, addressed horrible. the opened believe great Our our our be have year And our But headlines prior this going the XXXX up year line lines was in carriers other section that I your We and accident auto auto auto XXXX, was two our accident outlier X.X we it, business reality made digit seen X.X positioned adverse our results end of it average are non-cat personal that XXXX reflect impact also prior our us Connect points results. all actions XXXX XXXX reserved with have ALEA as in financial as loss the year not coming development points price mid-XXs driver But accident of up prior confident was XXXX. ratio the the in current past results. consecutive paid in with causes. I'll points only the this rehabilitated now we root our our enter that our results believe XXXX, build poor X.X are forward. optimism will XXXX was The economics impact personal what our of results that combined are in auto XXXX identified is that And and adverse auto cat our better XXXX worse it out personal than We of made our current in will auto having improvement that XXXX. commercial the for personal on XXXX. impact majority results in that our primarily than a XXXX in personal growth. of of we results. off in of double and the business, facts an personal and business the a third show a with impact We and insurance. of completed sins, of ratio products a

We are excited enter as we about XXXX. are how positioned we

individual Here product a on the brief lines. our of updates rest

homeowners PIF XQ X.X% cat expected, homeowners we the results our XX% in our ‘XX a Texas our continue combined and growth to of of XX growth had becoming year XXXX improvement increase XX.X%. we ’XX continues a XX.X% A states ‘XX of a to ratio this XX.X% line. ratio second XXXX. XXXX. in footprint. X.X premium is auto of of rate Growth to expense of a platform ratio commercial for For point consecutive a strong of product terrific to of growth product It XXXX our of line with third and homeowners expense now year continue to the commercial to compared a of auto with We geographic month as Commercial commercial of ratio, after rate product year growth at of auto accelerate had to X.X improvement represented XQ of growth XX% a balancing XXXX in period in XX.X% XX.X%. accelerating slow XXXX improve point XX.X% auto, efficient terrific other had terrific plus of continue combined accelerating XQ The continues growth ratio small results representing for XX.X% growth in our written in loss growth achieve scale in our premium commercial Small favorable written and Texas another ALEA and XX.X straight X.X% with produced focus a a and result. and prior on XX.X% be in beginning as continues over XX.X% XQ was ratio a a our commercial combined to result. line be ratio combined year historically expense written Growth representing ’XX. XX% points product our great a ratio line and third combination with with a development, largest more premium over growth.

six with ratio XX.X is of ratio very is ratio things business XXXX had the quarter of cat horrific pieces than XQ points a Middle positioned more points hesitant us non-cat XX.X% ratio well normal non-cat compared has to years, respect in ratio business. XQ middle carriers market of until best telling policyholders market loss market agents move commercial in middle submissions, for excellent and continuing with moving XXX.X% of state. market cat X.X future. for the in ‘XX. XXXX. premium are middle combined loss which And made small number ’XX Our cat return that was to cats of the written year XXXX our higher X.X%. loss There in market in a of It rate in with a a loss XX.X%, An XX.X more middle COVID a a growth our slowdown ALEA a are to to

Connect out in for the the be half now year live XX rolled with investment An in ago. XXXX. states ’XX ratio expense XXXX to as XQ was a another the business our state middle flat business ratio declined market XXXX versus of from XX.X% of Connect XX.X% written Middle expense rollouts. market is of from flat premium new relatively and Our XXXX a ago, in year XX% middle written middle of first remainder market is heavy of market states premium new year

business year to gain of market But loss to compensation currently submissions XXXX. were the from largest than But XX.X%. to a perspective. Our nursing higher loss market quarter exposed not combined saw from middle by for Compensation, of well XXXX, we losses losses of need driven comp process favorable a development A development your X.X that written a moving comp with nursing of home Entering XX.X% product of more line loss reserve poor with takes current ratio nursing loss pieces. This positioned points XX.X%, benefit. nursing in year XXXX have COVID growth workers homes. a ratio workers is renew In COVID been another number accident leverage for class XXXX XX.X%, and X.X made homes driven of we to ratio in accident prior Workers our and this ratio still the we had business workers connect XXXX ratio higher ratio decision year. to XX.X our COVID has year current compensation. we expense homes XX%. comp workers profit reverse May of a minus XXXX of points decline the Prior than been middle accident favorable of business. points from Worker's premium and minus for year for grow our and is of

was shrink. XXXX the continuing through being of historically premium This for line which XX.X%, XQ home comp was small segment comp premium investment the business by ratio money auto. of XX.X lost of driven year business ratio. launched. highest and and expense our two workers XXXX things to nursing business workers compensation than workers a that comp our versus of wholesalers, In XXXX was states motto workers workers non-renewal points first XXXX. by of higher expense run This ratio comp driven Connect connect our expense completion the shrank XX% off state XXXX by Our and written rate comp the the for workers which increase is ’XX

same business, the For a segments of our soft of navigating of now rest years the worker's comp unprofitable the getting products. on comp in building market, the compensation hard comp first system. a over workers decade worker's work as After Connect worker's and is system of out time

now compensation positioned business business. their growth is start Our comp to workers about of journey. our future I’m incredibly workers the excited profitable

had well absolutely now Farm our Ranch Connect and our than our For direct a the Farm XXXX be XXXX. in that in been And product XXXX. enter and and performance The in XX% just single in team our Ranch by ratio ratio points is and investment XQ states in growth growth product Connect and Ranch XX.X%. XX the of completed. And with a states, expense entered growth fifth loss written that for group in of cat a of Farm basis, was new a which Farm On now XXX.X% new combined million and XXXX written ’XX XX XX we'll The non-cat the to Ranch questions. of XXXX continues had one higher premium and We had in points XXX terrific. cat combined The Ranch Ranch XXX.X% of is of implemented with and lines XXXX. losses, decline business progress positioned business XX.X to $XXX an Ranch premium broke XXXX and Farm line Farm Farm ratio, XXXX. open great premium Farm of last lines. XXXX the XXXX years. start of written premium rate of and Ranch the under every six ratio loss barrier the ALEA XX.X% of XX.X%. time ratio and for eight written has

Operator

the Marlot will of line question [ph]. [Operator from Instructions] Becker come The first

Unidentified Analyst

Thank you.

seeing? it see short we're we color what term severity think board. is that increases you you kind in trend industry? you something and seeing a on sort know something across as that's think behind or components the that can of the So provide you about you any talk of whether I And it think Can as we're should of

Mike LaRocco

to Kim, you start? want

Kim Garland

it's question. I'm personal a so going can assume but. this you is And Yes, auto not, me, if to reframe

Unidentified Analyst

specified. have should I yes. sorry, I’m

Kim Garland

seeing in up, mean, we're high. decline seeing dwarfed increases, but but severity severity some by Yes, fine. clearly the not That's frequency. I abnormally we're

unknown it severity point there's longer the the again, a varies in of think, of by severities the coverage, Maybe this the get. levels? collision I biggest think expensive at increases from perspective, of stable I So our slowdown court those bodily been open the is in stay more we're [ph] claims, I more system. they BI seeing pretty And to continue Will sort think as just sort are they they at injury.

severities. declines, injury if see So the bodily speed may that of we cycle

of down You rate a increase bit. of the know, sort go

If to add you want Mike. anything,

Mike LaRocco

think Yes, goes all really shifts frankly, I will auto both covered quite and and it no, coverage’s. But our I to you it. of really add,

going sounds think we're it's on side that the because I know, repair bears inflationary whether the of think to you automobiles, the pressure. paint know it on I some we're business, there. and But materials, property not I cost side, strange, particularly see whether or it's suffering really of continue watching. worth to our

bears hit keep changing. the on important. question. watching. going on out on. side. of But the very it's question close we be a And things And the it just So think I is really of super COVID, to Appreciate a auto And know, the lot nail obviously, eye Kim obviously, head coming your something you there's whole

Unidentified Analyst

writing of harsh XXXX, the and Does where in Okay, unusual the with business, know, in thank markets, continuing certain for your in way no brakes XXXX. put might in we're strategy in And to weather patterns that you terms any new near you answer. this into very in of very severe terms weather you not? saw then, see we term or on what impact

Mike LaRocco

what's that, us. a agree to safe. say particularly want But with that's they're and safe. to Texas people we've making lovely about then experiencing, the spent out important reaching accustomed severe are for open things with weather we're question, that, event this is hoping associates that to the sure for and This aren't folks customers And obviously outages. I power winter our frankly, another really, some Yes, and very I'll minor disagree; in time our I and or start we're quite wanted to very Kim right having we're again, now severe could a

all said, I So safe. view in geographically And everybody prayers Texas, our we're that, is to already thoughts more big than is state Having business and it's our situation it property, largest like watching what state, a be property to be our and position said our that strategically carefully. like know is we other the And my Texas. out going which that over while Kim diverse. in not team to has would we're

and our fact and so isn't need the size other all that book in. Texas, and we're in the Illinois Turkey we problem Arizona necessarily that in of business more states Colorado, the it's our And

cat the probably Now, something as that and weather are will consider carefully something it Kim could patterns watch having how that, of what address. we said so loads that we that affect that's kind very and but we,

to So I'll turn over him. it

Kim Garland

Yes, doing I think managing Mike sorts think nailed are risk risk, we good we head, it on and just job of the how things. a it about is those cat whether

spread have don't like, be one, risk. a mentioned concentrated he over so And

we're is sort changed past part in And over this address is, what of especially that price I asked the to that. so, discussions other few changes it the our would quarters with we've of about probably say, the the appropriately. you had risk if you the biggest strategy, have rate increases think Texas, I doing

the you and so have And load. load cat to price the weather

see the that gets and will And like so that up, price into I costs continue to reinsurance loaded go consumers. charge think, we we

is And put to we for going upward load then on extra like a of up have a this that's like the little and everybody margin pricing more both said cat the math we just how little year probably set rates So in put and year smudged load to much than every given science. to in, And safety. maybe else we art we We pressure trying rates. cats. do

think wise are just I the rates biggest cat a load we little bit. are in strategy things those we sort of our up probably the two did

Unidentified Analyst

for much very thanks Okay, those answers.

Operator

come line next The will question the from Ron of Bobman.

Ronald Bobman

and is about question industry the sort Texas. sort on current, talk this a more autos but about a of sort a the going the of go, of to personal quarter. of part you know, had a particularly of state you claims exposure, broader snow Hi, insurance Honestly, types congrats know, south, have sort nature bitter, lot obviously you you in of think weather experience, a lot you severe do get Be and little typically, the thanks lines your bit to the curious crystal event experience? unique country? this of it's a of Could storm the when ball. of the Thanks. -- sort Could cold that's of of across and you as I industry.

Mike LaRocco

Steve then got this before Yes, that's is events I The our frustrating customers, which start other some that to as wind this challenge I'll effect, our be well. structures, And be But our to like or lot of I definitely personal and impact face a impact, personal through this significant. tag a start you and get more and Claims impact really heavy just we ice on lines that think create outages. that Head is quite And can bit of businesses the you Engineering the risks. can't to at state tell snow, this team. I on won't get even and in Paul of that more know like call and small some size, commercial literally lines little Kim on. going you much I power you obviously, Risk conversation this, power tends with the Stachura, super much that going information that helping types is a be home larger auto in be the not off tell the more I we events in to mean point. does of for is will us. events and give of event these right I frankly, a a key and on our there and roofs where the can this area enough for can losses think

that personal guys the is you can is broad to do it'll definitely that my appreciate view to are or But want But impact commercial say lines. position I my strokes. at these So question. I that Kim And all? lines add much Steve, than more

Steven English

I to Steve, have that. to anything don't add This,

Kim Garland

so we're Clearly more events seeing far. from personalized what

Ronald Bobman

say car homeowners, thing at where personal lines is of the basically that, is when more hunkered people cohort much so is that because saying? mentioned in down And you of kind any lines, probably personal personalized, of impact the you home without are effect we're specifically great within and not within sort saying a homeowner's

Mike LaRocco

always tends part is because early I that can Yes, storm right. other of to in the whole assume where the get to mean you amount early losses, are lot people of some to again, significant on, a when they it's down, happen hard auto trying hunker

days losses I homes. event of of the high difficult they when lot residential a have you of And you outages and very moves that's But to power a of and kind have and some it's from this, folks, know, driving going think to a situation, happens in with it weather most you not exactly where early and as much And are anywhere. people challenge. cases, but ice complexity event So level there's, more like issues very the case ongoing of conditions. event this challenge suggest, the trauma really, in they're a where the their at a of difficult becoming auto being

Ronald Bobman

color. the of Best for thanks luck. Okay,

Operator

We Instructions] [Operator no are at questions time. this audio showing further

Mike LaRocco

you you that. close thank to very want this out for Nicole, Okay. Natalie, much then?

Natalie Schoolcraft

of speaking again and call, Auto interest in wonderful your a currently Yes, for for have in to which continued is our participating with We Thursday, Mike. you Thank for our you May conference earnings questions, XXXX. Financial X, first Corporation. quarter and scheduled on call day. Thanks, everyone for look and State your support forward

Operator

concludes participating. quarter That you earnings XXXX fourth you. conference Thank Thank today's call. for

disconnect time. You at this may

State Auto Financial (STFC) 19 Feb 212020 Q4 Earnings call transcript