State Automobile Mutual Insurance Company Explained

State Automobile Mutual Insurance Company
Type:Public company
Traded As:NASDAQ, STFC
Industry:Insurance
Founded:16 September 1921
Founder:Robert Pein
Hq Location:518 East Broad Street
Hq Location City:Columbus, Ohio
Owner:Liberty Mutual

State Automobile Mutual Insurance Company, commonly shortened to State Auto Mutual or State Auto, is an American insurance company based in Columbus, Ohio. It was incorporated in 1921 as the first casualty insurance company to be headquartered in Columbus.[1] [2] In 2022, it was acquired by Liberty Mutual for approximately $1 billion.[3]

History

On September 16, 1921, Robert "Bob" Pein founded the State Automobile Mutual Insurance Company with $30,000 of borrowed funds and three employees at 257 East Broad Street. Pein believed that the American automobile insurance market was too dominated by east-coast companies who set rates too high, in addition to employing contractors to serve as claims adjusters rather than employing them full-time. In 1929, the corporation moved to its current site at 518 East Broad Street.

Christmas Corner

The first winter after the completion of the current State Auto building, Pein created an elaborate Christmas display so as to boost the spirits of Columbus residents during the Great Depression, what he would later call a "Christmas Card to the community".[4] In 1962, a life-size nativity scene was added to the display, being featured alongside performances from local choirs. The exhibit continued each year, with a 3D camera designed for insurance inspections adding a virtual aspect to the Christmas Corner during the COVID-19 pandemic. The nativity scene was donated to the Museum of Catholic Art and History in August 2023, and its public wintertime display will be moved a few blocks west on Broad Street to the lawn of St. Joseph Cathedral.[5] [6]

Present

Since 1921, State Auto has expanded into serving the property insurance market in addition to the casualty insurance market it was founded to serve. Its stock, traded under the ticker STFC, is on the NASDAQ Global Select Market. Kim Garland was appointed its president following its acquisition by Liberty Mutual in 2022.[7]

See also

Notes and References

  1. Book: Gingher, Paul R. . Running mates : the story of State Automobile Mutual Insurance Company and the Columbus Mutual Life Insurance Company . 1978 . New York : Newcomen Society in North America . Internet Archive.
  2. Web site: Office of the Insurance Commissioner, State of Wisconsin . 4 February 2020 . Report of the Examination of State Auto Insurance Company of Wisconsin Columbus, Ohio As of December 31, 2018 . 1 August 2023 . Office of the Commissioner of Insurance.
  3. Web site: State Auto acquired by Liberty Mutual Insurance State Auto . 2023-08-01 . www.stateauto.com.
  4. Web site: Bean . Doug . 20 December 2020 . Christmas display a touchstone in uncertain times . 1 August 2023 . Catholic Times of Columbus.
  5. Web site: The Catholic Times . 1 August 2023 . State Auto donates historic Nativity to diocese's Catholic museum for display at Cathedral . 1 August 2023 . The Catholic Times of Columbus.
  6. Web site: WSYX Staff . 2023-08-01 . Christmas Corner Nativity display is on the move . 2023-08-01 . WSYX . en.
  7. Web site: 2021-12-09 . Kim Garland to Lead State Auto After Close of Liberty Mutual Insurance Acquisition . 2023-08-01 . www.businesswire.com . en.