Reinsurance News
Allstate
Allstate pegs total catastrophe losses for Q1 2024 at $731m
18th April 2024
U.S. primary insurer Allstate has estimated that total catastrophe losses for Q1 of 2024 were $731 million, pre-tax, much below the $1.69 billion recorded in Q1 of 2023. The firm also disclosed catastrophe losses for March 2024 of $328 million or $259 million, after-tax. As per Allstate, March catastrophe losses included ... Read the full article
Allstate’s February 2024 cat losses below $150m reporting threshold
21st March 2024
US primary insurer Allstate has announced that its estimated catastrophe losses for February 2024 were under the $150 million reporting threshold, which is down on the $241 million of cat losses seen in February of last year. Last month, Allstate announced estimated catastrophe losses of $325 million for January 2024, ... Read the full article
Allstate estimates $325 million cat losses for January
15th February 2024
The Allstate Corporation has announced estimated catastrophe losses of $325 million for the month of January 2024, primarily driven by two events that comprised approximately 80% of the losses. The U.S. primary insurer stated that these losses drop down to pre-tax cat losses of $276 million ($218 million after-tax) for the ... Read the full article
Allstate Q4 net income hits $1.5bn on “improved auto profitability and mild weather”
8th February 2024
US primary insurer Allstate has reported net income applicable to common shareholders in Q4 2023 of $1.5 billion, up massively compared to a loss of $303 million in the same quarter of 2022. Tom Wilson, Chair, President and CEO of Allstate, explained that this positive turnaround was driven by "improved auto ... Read the full article
Allstate makes progress on profitability plan with substantial rate increases in 2023
18th January 2024
US primary insurer Allstate has reported that it continued to make progress on its plan to improve profitability in 2023, with rate increases in its auto insurance and homeowners insurance lines that resulted in premium impacts of 16.4% and 11.3%, respectively. “In 2023, rate increases for Allstate brand auto insurance resulted ... Read the full article
Allstate poised for strategic downsizing in Florida amidst regulatory changes: CEO Tom Wilson
7th December 2023
Allstate's CEO, Tom Wilson, unveiled key insights into the company's underwriting and growth strategy at the Goldman Sachs 2023 US Financial Services Conference, expressing confidence in the overall trajectory of the business while simultaneously acknowledging the likelihood of further reducing the company's footprint in Florida until sufficient returns become viable. While ... Read the full article
Maria Morris elected to Allstate’s Board of Directors
23rd November 2023
The Allstate Corporation has announced that Maria Morris, the former Executive Vice President, Global Employee Benefits at MetLife, has been elected to Allstate’s board of directors, effective January 2, 2024. She previously served on MetLife’s Executive Group for almost 10 years, and also served in a variety of senior leadership positions ... Read the full article
Allstate posts narrower Q3 net loss despite rise in catastrophe losses
2nd November 2023
U.S. primary insurer Allstate has fallen to a net loss for the third quarter and first nine months of 2023, although the underwriting performance did improve in parts of the business during the quarter despite higher catastrophe losses year-on-year. Allstate has reported a net loss of $41 million for Q3 2023 ... Read the full article
NEXT Insurance enters partnerships with Allstate and Allianz X
1st November 2023
NEXT Insurance, a digital insurtech specialising in small businesses, has announced it has entered into strategic partnerships with US primary insurer Allstate, and Allianz X, an investor in digital frontrunners in ecosystems relevant to insurance and asset management. Partnership fuels a new $265 million equity raise from Allstate and Allianz X ... Read the full article
Activist hedge fund Trian builds stake in Allstate
23rd October 2023
Trian Fund Management, activist hedge fund led by Nelson Peltz, has built a stake in Allstate Corporation (ALL), one of the insurers struggling to cope with the fallout of natural disasters, Reuters has reported. According to the news agency, the move could increase pressure on Chief Executive Tom Wilson to turn the ... Read the full article
Allstate estimates cat losses for September of $317m
19th October 2023
US primary insurer Allstate has announced estimated catastrophe losses for the month of September of $317 million and third quarter cat losses of $1.18 billion. The primary insurer’s September catastrophe losses include 17 events estimated at $357 million, with approximately 80% of the losses related to two wind and hail events, ... Read the full article
Allstate estimates cat losses for August of $641m
21st September 2023
U.S. primary insurer Allstate has announced estimated catastrophe losses for the month of August of $641 million, of which approximately half were related to the Maui wildfire. The primary insurer's August catastrophe losses include 18 events, and losses were partially offset by favourable reserve reestimates for prior events. After this, Allstate's cat ... Read the full article
Allstate estimates cat losses for July at $313 million
17th August 2023
U.S. primary insurer Allstate has announced estimated catastrophe losses for July of $313 million or $247 million, after-tax. According to Allstate, July's catastrophe losses include 18 events estimated at $349 million, primarily related to geographically widespread wind and hail events. This was partially offset by favourable reserve reestimates for prior events, the ... Read the full article
AM Best takes various credit actions on Allstate and its subsidiaries
10th August 2023
AM Best has taken various credit rating actions on the Allstate Insurance Corporation and its subsidiaries and assigned a stable outlook to most of them. The credit rating agency has downgraded the Long-Term Issuer Credit Rating (Long-Term ICR) to “aa-” (Superior) from “aa” (Superior) and affirmed the Financial Strength Rating (FSR) ... Read the full article
Allstate’s reinsurance costs increase as it reduces size of Florida tower
2nd August 2023
U.S. insurer Allstate has completed the placement of its 2023-2024 catastrophe reinsurance programs, which, excluding reinstatement premiums, were secured at a total cost during Q2 2023 and H1 2023 of $242 million and $461 million, respectively, up significantly from $173 million in Q2 2022 and $317 million in H1 2022. The ... Read the full article