Kim Garland to Lead State Auto After Close of Liberty Mutual Insurance Acquisition
09 Dezembro 2021 - 10:00AM
Business Wire
State Auto Financial Corporation (NASDAQ:STFC) (“State Auto”)
today announced the intention of Liberty Mutual Insurance (“Liberty
Mutual”) to appoint Kim Garland, currently senior vice president of
personal & commercial lines and managing director of State Auto
Labs, as president of State Auto following the completion of
Liberty Mutual’s pending acquisition. The deal is expected to close
in 2022, pending receipt of required regulatory approvals and other
customary closing conditions.
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Kim Garland, who will become president of
State Auto following the completion of its pending acquisition by
Liberty Mutual Insurance. (Photo: Business Wire)
“Kim has been instrumental in the transformation that we began
in 2015, and he’s the right person to lead State Auto into a new
future,” said STFC Chairman, President and CEO Mike LaRocco. “He’s
produced results in regional, national and global companies and
developed considerable experience in driving innovation both inside
and outside the insurance industry. I know Kim will be focused
every day on State Auto’s growth and profitability, an effective
transition and the success of the State Auto team.”
Since joining State Auto in 2015, Garland’s roles have included
leading personal lines, leading commercial lines and helping found
State Auto Labs, State Auto’s corporate venture capital fund.
Garland also led the rebuild and restructuring of State Auto’s
personal lines and commercial lines businesses.
Before joining State Auto, Garland was chief product officer for
AIG’s Global P&C Consumer Division. Previously at AIG, he
helped lead the restructuring of United Guaranty, AIG’s mortgage
insurance company, as its chief operating officer and later, CEO.
Before joining AIG, he managed the personal auto business at Safeco
prior to its 2008 acquisition by Liberty Mutual, and also started
Safeco’s former innovation company. Garland began his insurance
career at GEICO, where he held actuarial, product management roles
and customer service roles. He is a member of the board of
directors of Rev1 Ventures, a Columbus-based startup accelerator
and venture capital fund. Garland is a Fellow of the Casualty
Actuarial Society (FCAS), with an undergraduate degree from Florida
State University and a graduate degree from the University of
Virginia, both in Mathematics.
About State Auto Financial Corporation
State Auto Financial Corporation, headquartered in Columbus,
Ohio, is a super regional property and casualty insurance holding
company. STFC stock is traded on the NASDAQ Global Select Market,
which represents the top fourth of all NASDAQ listed companies.
The insurance subsidiaries of State Auto Financial Corporation
are part of the State Auto Group. The State Auto Group markets its
insurance products throughout the United States, through
independent insurance agencies, which include retail agencies and
wholesale brokers. The State Auto Group is rated A- (Excellent) by
the A.M. Best Company and includes State Automobile Mutual, State
Auto Property & Casualty, State Auto Ohio, State Auto
Wisconsin, Milbank, Meridian Security, Patrons Mutual, Rockhill
Insurance, Plaza Insurance, American Compensation and Bloomington
Compensation. Additional information on State Auto Financial
Corporation and the State Auto Insurance Companies can be found
online at http://www.StateAuto.com/STFC.
Cautionary Notice Regarding
Forward-Looking Statements
Except for historical information, all other information in this
press release consists of forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements, and related oral statements State
Auto Financial Corporation (“STFC”) may make, are subject to risks
and uncertainties that could cause actual results to differ
materially from those projected, anticipated or implied. For
example, (1) conditions to the closing of the transactions may not
be satisfied; (2) regulatory approvals required for the
transactions may not be obtained, or required regulatory approvals
may delay the transactions or result in the imposition of
conditions that could have a material adverse effect on Liberty
Mutual Holding Company Inc. (“LMHC”), State Automobile Mutual
Insurance Company (“SAM”) or STFC or cause the parties to abandon
the transactions; (3) uncertainty as to the timing of completion of
the transactions; (4) the business of LMHC, SAM or STFC may suffer
as a result of uncertainty surrounding the transactions; (5) the
occurrence of any event, change or other circumstances that could
give rise to the termination of the merger agreement; (6) risks
related to disruption of management’s attention from the ongoing
business operations of LMHC, SAM or STFC due to the transactions;
(7) the effect of the announcement of the transactions on the
relationships of LMHC, SAM or STFC with its clients, operating
results and business generally; (8) the outcome of any legal
proceedings to the extent initiated against LMHC, SAM or STFC
following the announcement of the proposed transaction; and (9)
LMHC, SAM or STFC may be adversely affected by other economic,
business, and/or competitive factors as well as management’s
response to any of the aforementioned factors. The foregoing review
of important factors should not be construed as exhaustive and
should be read in conjunction with the other cautionary statements
that are included herein and elsewhere, including the risk factors
included in STFC’s most recent Annual Report on Form 10-K, STFC’s
most recent Quarterly Report on Form 10-Q, the definitive proxy
statement filed by STFC with the Securities Exchange Commission
(the “SEC”) on Aug. 27, 2021, and other documents of STFC on file
with the SEC. STFC undertakes no obligation to update or revise any
forward-looking statements.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211209005143/en/
Investor contact: Natalie Schoolcraft,
Natalie.Schoolcraft@StateAuto.com, 614.917.4341 Media contact: Kyle
Anderson, Kyle.Anderson@StateAuto.com, 614.917.5497
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