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Article: State Auto signs letter of intent to purchase new subsidiary, Midwest Security Insurance Co.
- Article from:
- Business Wire
- Article date:
- October 1, 1996
CopyrightCOPYRIGHT 1996 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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COLUMBUS, Ohio--(BUSINESS WIRE)--Oct. 1, 1996--State Auto Financial Corp. (NASDAQ:STFC) today announced that its principal stockholder, State Automobile Mutual Insurance Co. (State Auto), has signed a letter of intent to purchase Midwest Security Insurance Co. of Onalaska, Wis., from R.W. Houser Inc.
The purchase price was not disclosed.
"The acquisition of Midwest Security affects State Auto Financial Corporation in that the Midwest premium can be pooled into the State Auto group once the operations have been fully integrated and operating results are satisfactory," said Robert L. Bailey, chairman and CEO. "In addition, it will generate some revenue for ...