Reinsurance News
16th September 2021
The Allstate Corporation has announced estimated gross losses of approximately USD 1.4 billion for the impacts of Hurricane Ida, with the company set to retain USD 631 million, pre-tax (USD 498mn after-tax) of this total thanks to its reinsurance protection. The U.S. primary insurer notes that Ida impacted 19 states with ... Read the full article
19th August 2021
US primary insurer Allstate has announced July catastrophe losses totalling an estimated $227 million, or $179 million after-tax. July saw 18 events rack up $211 million in losses, plus unfavourable prior period reserve estimates. In contrast, losses from the prior year period were $145 million and driven by hurricane Hanna and two ... Read the full article
5th August 2021
US primary insurer Allstate has successfully filled out a $400 million gap fill layer of protection in the per occurrence tower for its Nationwide excess catastrophe reinsurance program, while also significantly expanding its Florida coverage. The company recently disclosed that it had eroded $253 million of its 2019-1 Sanders ... Read the full article
5th August 2021
Allstate has announced a second quarter net income applicable to common shareholders of $1.6 billion, up from the $1.2 billion announced in the prior year quarter. This upswing was primarily driven by higher performance-based investment income results. Adjusted net income of $1.1 billion, increased $333 million compared to the prior year quarter. Allstate ... Read the full article
16th July 2021
US primary insurer Allstate has announced estimated catastrophe losses for the month of June of $195 million or $154 million, after-tax. Together with losses of $598 million between the months of April and May, this brings Allstate’s total catastrophe losses for the second quarter of 2021 to $752 million, after-tax. Catastrophe losses ... Read the full article
17th June 2021
US primary insurer Allstate is braced for estimated pre-tax catastrophe losses of $213 million for May. Cat losses for April and May totaled $598 million, after-tax. In May, Allstate says losses consisted of seven events, at an estimated cost of $193 million, plus unfavorable prior period reserve estimates. Two large hail events, primarily ... Read the full article
3rd June 2021
US primary insurer Allstate Corporation has agreed to acquire SafeAuto, a non-standard auto insurance carrier focused on providing state-minimum private-passenger auto insurance. Total consideration includes a $270 million cash purchase price plus approximately $30 million in pre-close dividends of certain non-insurance assets. Headquartered in Columbus, Ohio, SafeAuto is expected to add capabilities ... Read the full article
20th May 2021
US primary insurer Allstate Corporation has announced estimated catastrophe losses for the month of April of $544 million, or $430 million after-tax. Catastrophe losses in April comprised five events at an estimated cost of $490 million plus unfavorable prior period reserve estimates. One large hail event, primarily impacting Texas and Oklahoma, accounted ... Read the full article
7th May 2021
US primary insurer Allstate is looking to secure a new, $400 million gap fill layer of reinsurance protection in the second quarter of 2021, taking its occurrence reinsurance tower to the largest it has ever been. The insurer has reported that losses from the Q1 winter storms and freezing weather in ... Read the full article
6th May 2021
US primary insurer Allstate has reported $1.4 billion loss in the first quarter of 2021, compared to net income of $513 million in the first quarter of 2020, driven by the sale of Allstate Life Insurance Company and Allstate Life Insurance Company of New York. The company also sustained gross ... Read the full article
15th April 2021
US primary insurer Allstate Corporation has announced estimated catastrophe losses of $466 million for the first-quarter of 2021, after tax and $1.08 billion in anticipated reinsurance and subrogation recoveries. All in all, gross losses from catastrophe events during the opening quarter of 2021 amounted to $1.67 billion for Allstate, but were ... Read the full article
29th March 2021
The Allstate Corporation has completed its exit from the life and annuity sectors with the sale of Allstate Life Insurance Company of New York (ALNY) to Wilton Re for a sum of $220 million. Under the terms of this definitive agreement, Allstate divests ALNY and also terminates an ALIC stop-loss reinsurance ... Read the full article
18th March 2021
US primary insurer Allstate Corporation has announced that its estimated catastrophe losses for the month of February of $577 million, pre-tax ($456 million, after-tax). At this level, Allstate has now surpassed the retention level of its nationwide aggregate reinsurance cover, with the annual risk period ending March 31, 2021. Catastrophe losses in ... Read the full article
27th January 2021
U.S. primary insurance carrier, The Allstate Corporation, has reached an agreement to sell Allstate Life Insurance Company (ALIC) and certain subsidiaries to entities managed by private equity investment giant, Blackstone, for $2.8 billion. Currently, ALIC holds around 80%, or $23 billion of Allstate's life and annuity reserves and in 2019, generated ... Read the full article
6th January 2021
US primary insurer Allstate Corporation has closed its $4 billion acquisition of National General Holdings. The acquisition, which was announced in July last year, sees Allstate expand its personal lines market position. National General offers a range of property-liability solutions through independent agents with a presence in non-standard auto insurance. Additionally, National ... Read the full article
