MORE FIRES ACCOMPANY RECESSION

Ohio-based State Auto Financial said that a sequence of expensive fires had contributed to the company’s Q2 loss of $3.2m, with the number of policyholders reporting fires that caused more than $100,000 in damage rising almost 50% year on year. State Auto said that it had initially suspected arson and had investigated the matter, but CEO Bob Restrepo said that “we found nothing suspicious, just bad luck”. Mr Restrepo said that the number of fires reported to State Auto was fewer than 50, but that the dollar amounts were substantial.