Reinsurance News

Allstate

Allstate shakes up its leadership

19th August 2022

US primary insurer Allstate has announced a shake-up in its leadership. The firm said that Glenn Shapiro, head of property-liability, is to retire. He will be succeeded by Mario Rizzo, the firm’s CFO. Meanwhile, Jess Merten will succeed Rizzo as CFO. Tom Wilson, president and CEO of the Allstate Corporation, said: “Allstate’s ... Read the full article

Allstate saw $223m in cat losses in July

18th August 2022

Allstate has said it is expecting catastrophe losses in July of $223m, or $176m after tax. The firm said that July catastrophe losses included 12 events, primarily wind and hail, that were geographically widespread, estimated at $233 million, partially offset by favourable reserve reestimates for prior period events. Mario Rizzo, CFO of ... Read the full article

Allstate reports $1bn net loss in Q2 results

4th August 2022

Allstate has announced a second quarter net loss applicable to common shareholders of $1.04 billion, compared to an income of $1.60 billion in the prior year quarter. The company noted that the loss was primarily due to lower underlying underwriting income, higher catastrophe losses, equity valuation declines and losses on fixed ... Read the full article

Allstate announces June catastrophe losses

21st July 2022

Allstate has said that it saw catastrophe losses in June of $356m or $281m, after-tax. The firm said in a statement that June catastrophe losses included 10 events, primarily wind and hail in the Midwest, estimated at $315m, plus unfavorable reserve reestimates for prior period events. Catastrophe losses for the second ... Read the full article

Allstate lifts Florida reinsurance coverage by ~$600m at renewals

17th June 2022

After adding some $850 million of coverage to its Nationwide Excess Catastrophe Reinsurance program in the first-quarter of 2022, US primary insurer Allstate has secured almost $600 million of additional protection for its Florida Excess Catastrophe Reinsurance program for 2022-2023. In early May, Allstate provided an update on its reinsurance ... Read the full article

Allstate reports cat losses in May of $436m

16th June 2022

Allstate has said it saw estimated catastrophe losses throughout May of $436m, or $344m after tax. According to the insurer, its May catastrophe losses included 14 events, primarily wind and hail in Texas, the Midwest and Canada, estimated at $423m, plus unfavourable reserve reestimates for prior period events. Catastrophe losses for ... Read the full article

Allstate reports April cat losses of $316m

20th May 2022

Allstate says that it has estimated catastrophe losses for the month of April of $316 million or $250 million, after-tax. The company said that catastrophe losses in April included fourteen events, primarily wind, hail and tornadoes in Texas and the southeast – estimated at $299 million, plus unfavourable reserve re-estimates for ... Read the full article

Allstate raises catastrophe reinsurance coverage by $850m

5th May 2022

US primary insurer Allstate has expanded its per-occurrence Nationwide Excess Catastrophe Reinsurance programme for 2022-2023 to provide coverage up to $6.614 billion of losses, less a $500 million retention. In Q1 2022, Allstate completed the renewal of some of its catastrophe reinsurance placements for 2022-2023, specifically its Nationwide Excess Catastrophe Reinsurance ... Read the full article

Allstate profits dip amid inflation re-alignment

5th May 2022

Allstate has seen a drop in income and a small 0.9% dip in its consolidated revenues for the first quarter of 2022, as the company attempts to meet the challenge of inflation by re-aligning its business practices. Tom Wilson, Chair, President and CEO of The Allstate Corporation, explained that his company ... Read the full article

Allstate reports March cat losses of $227m

22nd April 2022

Allstate says that it has estimated catastrophe losses for the month of March of $227m or $179m, after-tax. The company said that March catastrophe losses included six events, primarily tornado and wind in Texas and the southeast, estimated at $246m, plus favorable reserve reestimates for prior events. Catastrophe losses for the ... Read the full article

Allstate promotes Terrance Williams to President as Civgin retires

13th April 2022

US primary insurer Allstate has announced that Terrance Williams will be promoted to President, Protection Products and Services, effective May 1. Williams’ promotion comes after Vice Chair and CEO, Protection Products and Services, Don Civgin, has announced his decision to retire after a distinguished 13-year career at Allstate. Civgin joined Allstate as ... Read the full article

Allstate reports YoY growth in revenues of 20.7%

3rd February 2022

The Allstate Corporation has reported a YoY increase in revenues of 20.7% in its latest results. The insurance giant reported that its consolidated revenues rose from $41,909m across the whole of 2020 to $50,588m in 2021. It was also reported by the firm that its Q4 revenues in 2021 were 18.7% higher ... Read the full article

Marshall Fire & December tornadoes drive Allstate’s $528m Q4 catastrophe bill

20th January 2022

US primary insurer Allstate has pre-announced fourth-quarter 2021 catastrophe losses of $528 million, pre-tax, the majority of which came in December following the impacts of the Marshall Fire in Colorado and a series of tornadoes. In December, Allstate's catastrophe losses hit a total of $411 million, pre-tax ($325m after-tax), of which ... Read the full article

Allstate posts underwriting loss of $534m for Q3

4th November 2021

US primary insurer Allstate has posted an underwriting loss of $534 million during the third quarter of Q3, after incurring $1.27 billion of catastrophe losses for the period. Allstate warned ahead of the huge catastrophe loss bill last month, which included around $631 million of losses from Hurricane Ida, after ... Read the full article

Allstate finalises sale of life arm to Blackstone

2nd November 2021

US primary insurance carrier, The Allstate Corporation, has completed the sale of Allstate Life Insurance Company (ALIC) and certain subsidiaries to entities managed by private equity investment giant, Blackstone. First announced in January 2021, the deal involved total proceeds of $4 billion, which included Blackstone’s $2.8 billion purchase price, as ... Read the full article