COLUMBUS, Ohio -- August 17, 2000 -- The board of directors of State Auto Financial Corporation (Nasdaq:STFC) today elected Robert H. Moone chairman, effective January 1, 2001. Moone remains president and CEO. He will succeed Robert L. Bailey, who announced his plans to retire from the companies and the board at year-end.
The leadership change is consistent with a formal succession plan implemented by STFC's board of directors in 1996. Moone, 56, was also elected chairman of the other companies in the State Auto group. He was elected president of the companies in 1996 and CEO in 1999.
"Over the past five years, special emphasis has been placed on making a smooth and successful transition in the management team at State Auto," said Bailey. "That five-year period will be coming to an end on December 31 of this year. I have confidence that the management team that is in place will lead this company to even greater heights of achievement."
Moone joined State Auto in 1970 as a commercial lines underwriter and served in marketing and sales management positions before being named executive vice president of insurance operations in 1993. Moone is active in numerous industry and community organizations.
Bailey, 66, was named president of State Automobile Mutual Insurance Company in 1983 and was responsible for the creation of State Auto Financial Corporation, the group's public downstream holding company, in 1991. He became chairman and CEO of all the State Auto Insurance Companies in 1993. During this period, the State Auto group grew significantly, adding new subsidiaries and entering 12 new states. He has been recognized for his dedication to the industry's professional development and service organizations, as well as his leadership in the area of automation for independent agents.
State Auto Financial Corporation is a regional property and casualty insurance holding company engaged primarily in writing personal and commercial automobile, homeowners, commercial multi-peril, workers' compensation and fire insurance. The company currently markets its products through more than 13,100 agents associated with approximately 2,200 agencies in 26 states. Products are marketed primarily in the Midwest and Eastern United States, excluding New York, New Jersey and the New England states.