Affiliation with Patrons Mutual
Acted as the exclusive advisor to State Auto Mutual Insurance Company in its affiliation with Patrons Mutual. Both organizations view the combination as a “win-win”. State Auto will benefit from Patrons Mutual’s strong market relationships and underwriting expertise in the Northeast while Patrons Mutual will gain access to State Auto’s financial and operational resources, including an improved A.M. Best rating. Through this affiliation, the organization plans to grow its commercial and personal lines business in the New England. During 2007, Patrons Mutual generated approximately $50 million in direct written premium on year-end policyholder surplus of $22 million.