Reinsurance News
Allstate
Allstate projects $1.4bn in reinsurance recoveries for California wildfire losses
20th February 2025
U.S. primary insurer Allstate has estimated catastrophe losses for the month of January at $1.08 billion, or $849 million after tax, after accounting for $1.40 billion in estimated reinsurance recoveries related to the California wildfires. January's losses reportedly stem from three events, with approximately $1.07 billion attributed to the California wildfires. The ... Read the full article
Allstate expects $900m in reinsurance recoveries from LA wildfires
6th February 2025
U.S. primary insurer Allstate has estimated that its gross losses from the Los Angeles, California wildfires will be $2 billion, and after reinsurance recoveries of $900 million under its per-occurrence tower, the firm is projecting a net loss of $1.1 billion from the event. The insurer's LA wildfire loss estimate comes ... Read the full article
Allstate sells its Group Health business to Nationwide for $1.25bn
31st January 2025
US primary insurer, The Allstate Corporation, has entered into a definitive agreement to sell its Group Health business to Nationwide for $1.25 billion in cash, adjusted for the closing balance sheet, and subject to standard closing conditions including regulatory approvals. Nationwide stated that this acquisition will serve as a foundation for ... Read the full article
Allstate’s October cat load takes YTD losses to $4.84bn
21st November 2024
Allstate, the US primary insurer has reported estimated catastrophe losses of $286 million for the month of October, which includes $102 million, pre-tax from hurricane Milton, taking total catastrophe losses for October year-to-date to $4.84 billion or $3.82 billion, after-tax. Allstate's $286 million ($226 million after-tax) catastrophe losses for October also ... Read the full article
Allstate sees net income and revenue growth despite higher cat losses in Q3’24
31st October 2024
The Allstate Corporation has reported it was able to generate “excellent” returns in the third quarter of 2024 despite higher catastrophe losses, seeing its net income applicable to common shareholders improve to $1.2bn, compared to a net loss of $41mn loss seen in the same quarter last year. Catastrophe losses for ... Read the full article
Allstate estimates Q3’24 catastrophe losses of $1.7bn with $630m from hurricane Helene
17th October 2024
US primary insurer Allstate reported estimated catastrophe losses of $889 million ($702 million after tax) for September, which includes $630 million in pre-tax losses related to Hurricane Helene, with total catastrophe losses for the third quarter standing at $1.7 billion ($1.35 billion after tax). For the month of August, Allstate reported ... Read the full article
Allstate August cat load takes YTD losses to $3.67bn
19th September 2024
Large US primary insurer Allstate has reported estimated catastrophe losses of $272 million ($215 million after-tax) for the month of August, taking total catastrophe losses for August year-to-date to $3.67 billion ($2.90 billion, after-tax). Catastrophe losses for August include 15 events resulting in an estimated $306 million in losses. A significant ... Read the full article
Allstate pegs Beryl losses at $226m, total catastrophe losses for July at $587m
15th August 2024
Large US primary insurer Allstate has disclosed total catastrophe losses for the month of July of $587 million, which includes an initial loss estimate of $226 million for Hurricane Beryl. Allstate's catastrophe losses for July include 20 events estimated at $542 million, pre-tax or $428 million, after tax, which suggests some ... Read the full article
Allstate to sell Employer Voluntary Benefits arm to The Standard for $2bn
14th August 2024
US primary insurer Allstate has entered into a definitive agreement to sell its Employer Voluntary Benefits business to StanCorp Financial Group, Inc. (The Standard) for $2 billion in cash, adjusted for the closing balance sheet. The transaction is subject to customary closing conditions and approvals, expected to close in the first ... Read the full article
Allstate adds Nationwide cover but reduces Florida reinsurance tower at mid-year renewal
5th August 2024
US primary insurer Allstate opted to shrink the size of its 2024-2025 Florida excess catastrophe reinsurance program at the mid-year reinsurance renewals, and also added $90 million of limit to the top of its Nationwide coverage. This is now the second year running Allstate has elected to reduce its Florida specific ... Read the full article
Allstate sees Q2 net income of $301m as Property-Liability segment improves
1st August 2024
US primary insurer Allstate has revealed that its net income applicable to common shareholders in Q2 of 2024 was $301 million, up from a net loss of $1.4 billion in the same quarter of 2023, driven by improved Property-Liability underwriting results. Earned premiums of $13.3 billion in the Property-Liability segment in ... Read the full article
Allstate reports Q2’24 catastrophe losses of $2.1bn
18th July 2024
Large US primary insurer Allstate has reported estimated catastrophe losses of $230 million ($182 million after-tax) for the month of June, taking second quarter losses to $2.12 billion ($1.67 billion after-tax), and bringing total catastrophe losses for June year-to-date to $2.85 billion, pre-tax ($2.25 billion after-tax). According to Allstate, the June ... Read the full article
Allstate’s May catastrophe load takes YTD losses to $2.62bn
20th June 2024
Large US primary insurer Allstate has reported estimated catastrophe losses of $1.4 billion ($1.1bn after-tax) for the month of May, taking total catastrophe losses for May year-to-date to $2.62 billion. At $1.4 billion, May 2024 catastrophe losses are up by $515 million, or 58% from the $885 million of May ... Read the full article
Allstate’s Q2 cat losses could hit $2.65bn, as per BMO analysts
19th June 2024
Analysts at BMO Capital Markets have estimated that insurer Allstate Corporation will see Q2 2024 catastrophe losses of around $2.65 billion, of which $2.15 billion is made up from May to June. If you recall, the US primary insurer disclosed in May that its estimated catastrophe losses for April amounted ... Read the full article
Allstate estimates total catastrophe losses for April 2024 at $494m
16th May 2024
Allstate, a US primary insurer, has disclosed that its estimated catastrophe losses for April 2024 amounted to $494 million, or $390 million after-tax. According to Allstate, the losses in April 2024 resulted from 11 events valued at $491 million, with approximately 80% of these losses attributed to four wind, hail, or ... Read the full article
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