State Automobile Mutual Insurance Company

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]

State Automobile Mutual Insurance Company
TypePublic company
NASDAQ, STFC
IndustryInsurance
Founded16 September 1921
FounderRobert Pein
Headquarters518 East Broad Street,
Columbus, Ohio
OwnerLiberty Mutual

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.[1]

Christmas Corner
State Auto's Christmas Corner display circa 1935

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][1] 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.[4] 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

References
  1. Gingher, Paul R. (1978). Running mates : the story of State Automobile Mutual Insurance Company and the Columbus Mutual Life Insurance Company. Internet Archive. New York : Newcomen Society in North America.
  2. 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" (PDF). Office of the Commissioner of Insurance. Retrieved 1 August 2023.
  3. "State Auto acquired by Liberty Mutual Insurance | State Auto". www.stateauto.com. Retrieved 2023-08-01.
  4. Bean, Doug (20 December 2020). "Christmas display a touchstone in uncertain times". Catholic Times of Columbus. Retrieved 1 August 2023.
  5. The Catholic Times (1 August 2023). "State Auto donates historic Nativity to diocese's Catholic museum for display at Cathedral". The Catholic Times of Columbus. Retrieved 1 August 2023.
  6. WSYX Staff (2023-08-01). "Christmas Corner Nativity display is on the move". WSYX. Retrieved 2023-08-01.
  7. "Kim Garland to Lead State Auto After Close of Liberty Mutual Insurance Acquisition". www.businesswire.com. 2021-12-09. Retrieved 2023-08-01.
Wikimedia Commons has media related to State Automobile Mutual Insurance Company.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.