UPDATE 1-State Auto Financial posts wider loss
* Q1 loss $0.35/shr
* Rev down to $294 mln; misses estimate
* Combined ratio at 112 vs 111.3 last year
April 28 (Reuters) - State Auto Financial Corp (STFC.O), a regional property and casualty insurance holding company, posted a wider-than-expected quarterly loss, hurt mainly by higher catastrophe losses.
The company reported a net loss of $14 million, or 35 cents a share, compared with a loss of $12.5 million, or 31 cents a share, last year.
Net loss from operations was 18 cents a share.
Analysts were expecting a loss of 3 cents a share.
"The unusual run of catastrophic storms continued for State Auto into 2009, producing unprecedented first-quarter losses," Chief Executive Bob Restrepo said in a statement.
"Most of the damage was done by ice and wind storms that hit in late January and early February."
Revenue fell 2 percent to $294 million, missing analysts' estimates of $309.1 million.
Catastrophe losses accounted for $43.8 million during the quarter, compared with $35 million in the year-ago period.
State Auto Financial's net combined ratio for the quarter was 112.0, compared with 111.3 a year ago. A lower ratio indicates a more profitable business.
Shares of the company, which have lost over 40 percent of their value in the last one year, closed at $16.15 Monday on Nasdaq. (Reporting by Kunal Raina in Bangalore; Editing by Anil D'Silva)
