Reinsurance News
15th October 2020
US primary insurer Allstate has revealed that it incurred estimated pre-tax catastrophe losses of $990 million over the third quarter of 2020, or $782 million after tax. The company put its September cat losses at $339 million ($268 million, after-tax), which added on to losses of $651 million ($514 million, after-tax) ... Read the full article
2nd October 2020
US primary insurer Allstate has been selected to provide commercial auto coverage to Lyft in the US states of California, Iowa, Indiana, Kansas, Kentucky, Missouri, Ohio and West Virginia. The policies managed by Allstate provide coverage throughout the cycle of a Lyft trip, from when a driver turns on the Lyft ... Read the full article
1st October 2020
The Allstate Corporation has warned of a restructuring charge of approximately $290 million (pre-tax) to be recognised in the final two quarters of the year, alongside real estate exit costs of around $80 million (pre-tax) and the negative impact of low interest rates on third-quarter earnings. The insurer has provided some ... Read the full article
18th September 2020
US primary insurer Allstate has estimated its catastrophe losses for the month of August at $985 million, pre-tax. Losses during the period consisted of 11 events at an estimated cost of $969 million, pre-tax, plus unfavorable prior period reserve reestimates. Estimated catastrophe losses for the month include a $430 million impact of ... Read the full article
20th August 2020
U.S. primary insurer, The Allstate Corporation, has revealed that catastrophe results for the month of July generated pre-tax income of $334 million ($264mn after-tax), as previously announced PG&E subrogation recoveries more than offset the impacts of catastrophe events in the period. After investigations in 2019 found that PG&E's equipment was responsible ... Read the full article
6th August 2020
The Allstate Corporation's underwriting income improved by a significant 146.3% in Q2 2020 to $904 million, contributing to increased net income of $1.22 billion for the quarter. Alongside the better underwriting income, Allstate notes that its net income in the second-quarter of 2020 also benefitted from higher net realised capital gains ... Read the full article
17th July 2020
US primary insurance giant Allstate is expecting catastrophe losses for the second quarter to reach $1.19 billion, pre-tax ($937 million, after-tax). For June, the company has estimated total cat hit of $204 million, pre-tax ($161 million, after-tax). Cat losses occurring in June comprised ten events at an estimated cost of $181 million, pre-tax ($143 ... Read the full article
8th July 2020
U.S. primary insurance giant, The Allstate Corporation, has reached an agreement to acquire National General Holdings Corporation for around $4 billion in cash, or $34.50 per share. The acquisition, which remains subject to regulatory approvals and other customary closing conditions, sees Allstate expand its personal lines market position. National General offers a ... Read the full article
18th June 2020
The Allstate Corporation has announced that in the month of May it incurred estimated catastrophe losses of $350 million, pre-tax ($277 million after-tax). In April, U.S. primary insurer Allstate announced an estimated $632 million in pre-tax ($499 million after-tax) catastrophe losses. Combined, estimated catastrophe losses for the months of April ... Read the full article
27th May 2020
US insurer The Allstate Corporation (Allstate) has announced that it will extend its Shelter-in-Place Payback scheme through June to help its personal auto customers during the COVID-19 pandemic. The scheme is designed to return premiums to customers as they drive less and get in fewer accidents during the crisis. Originally set to ... Read the full article
21st May 2020
US primary insurer Allstate Corporation has announced an estimated $632 million in pre-tax catastrophe losses for April 2020. Catastrophe losses, which came out to $499 million after tax, were driven by six events over the month. Together, these six events resulted in an estimated cost of $627 million pre-tax, or $495 million ... Read the full article
6th May 2020
US insurer The Allstate Corporation (Allstate) has reported a 59.3% decrease in its net income for the first quarter of 2020, as the COVID-19 pandemic hit investments and premiums were returned to customer. Income totalled $513 million in Q1 2020, compared to $1.26 billion for the same period last year, as ... Read the full article
20th April 2020
Analysts at Morgan Stanley have lowered catastrophe loss estimates for both U.S. primary insurers and reinsurers ahead of Q1 2020 results season, driven in part by lower-than-expected U.S. spring storm activity. Unsurprisingly, the focus of first-quarter 2020 results is expected to be the ongoing COVID-19 coronavirus pandemic, but a reduction in ... Read the full article
6th April 2020
U.S. insurer The Allstate Corporation (Allstate) has announced the establishment of a Shelter-in-Place Payback scheme designed to assist its personal auto insurance customers during the ongoing COVID-19 pandemic. Customers that insure their vehicle with Allstate, Esurance, and Encompass will receive 15% of their monthly premium in April and May, which amounts ... Read the full article
18th March 2020
Fitch Ratings has downgraded the rating outlook for The Allstate Corporation and its core insurance subsidiaries to stable from positive, due to the significant uncertainty being caused by the global coronavirus pandemic. The ongoing COVID-19 outbreak has led to high levels of volatility in capital markets, which, has in turn driven ... Read the full article
