Reinsurance News
Allstate
Allstate sees Q2 net loss of $1.4bn driven by heavy cat losses of $2.7bn
2nd August 2023
Allstate Corporation has reported a Q2 net loss applicable to common shareholders of $1.4 billion, chiefly driven by increased underwriting losses due to a massive catastrophe hit, which totalled $2.7 billion for the quarter. Compared, Allstate's catastrophe losses in Q2 last year were $1.1 billion, marking a substantial increase of 143.3% ... Read the full article
Rep. Schiff urges FIO to investigate impacts of climate change on insurance coverage
24th July 2023
Congressman Adam Schiff has penned a letter to the U.S. Department of Treasury Federal Insurance Office (FIO) urging them to investigate how climate change is impacting insurance coverage options for homeowners following the news that State Farm and Allstate will no longer provide new home insurance policies in California. Chiefly, the ... Read the full article
Allstate estimates total catastrophe losses for Q2 at $2.7bn
20th July 2023
The Allstate Corporation has estimated catastrophe losses for the month of June at $1.01 billion or $799 million, after-tax, bringing total catastrophe losses for Q2 to $2.7 billion, pre-tax. According to Allstate, the June month catastrophe losses included 18 events estimated at $1.13 billion, with approximately 60% of the losses related ... Read the full article
Allstate estimates cat losses for May at $885 million
15th June 2023
U.S. primary insurer Allstate has announced estimated catastrophe losses for May of $885 million or $699 million, after-tax. According to Allstate, May's catastrophe losses include 12 events estimated at $893 million, with approximately 70% of the losses related to two wind and hail events. This was partially offset by favourable reserve reestimates ... Read the full article
AIG and Farmers join other insurers in pulling back from climate and cat exposed property risks
9th June 2023
Large insurers AIG and Farmers Group are pulling back from climate and catastrophe exposed property risks, joining other insurers that have either reduced or ceased offerings altogether in U.S. regions vulnerable to floods, storms, and wildfires, reports the Wall Street Journal (WSJ). The publication has reported that AIG is planning to ... Read the full article
Allstate estimated cat losses for April at $631m
18th May 2023
U.S. primary insurer Allstate has announced estimated catastrophe losses for April of $799 million or $631 million, after tax. April cat losses include 12 events estimated at $872 million, with approximately 60% of the losses related to two wind and hail events. This was partially offset by favourable reserve estimates for prior ... Read the full article
Top of Allstate’s catastrophe reinsurance tower reduces slightly as cost of program increases
4th May 2023
U.S. primary insurer Allstate has completed the placement of its 2023-2024 Nationwide Excess Catastrophe Reinsurance Program, revealing that the top of the tower has come down slightly from the Q4 2022 update, while the cost of the program has increased year-on-year. At $6.92 billion, the top-end of the tower has come ... Read the full article
Allstate reports Q1 net loss driven by catastrophe hit of $1.69 billion
4th May 2023
U.S. primary insurer Allstate Corporation has reported a net loss of $346 million in Q1 of this year, compared to a net income of $634 million in the same quarter of 2022. Allstates Q1 2023 results were cuffed by overall catastrophe losses of $1.69 billion. According to the firm, catastrophe losses ... Read the full article
Allstate pegs catastrophe losses for Q1 at $1.69bn
20th April 2023
U.S. primary insurer Allstate Corporation has estimated that catastrophe losses for the first quarter of 2023 totalled $1.69 billion, pre-tax. According to Allstate, catastrophe losses for March alone stood at $1.17 billion or $927 million, after tax. The insurer writes, "Catastrophe losses for March events were estimated at $1.26 billion, related to ... Read the full article
Allstate pegs catastrophe losses for February at $211m
16th March 2023
U.S. primary insurer Allstate has announced estimated catastrophe losses for February of $211 million or $167 million, after tax. Catastrophe losses for February events were estimated at $241 million, and related to nine events primarily from wind and rain that were geographically widespread. This was partially offset by favourable reserve re-estimates for ... Read the full article
AM Best places Allstate’s Castle Key credit ratings under review
10th March 2023
Allstate’s Florida-focused Castle Key Group - and its members - has had its B+ Financial Strength Rating (FSR) and Long-Term Issuer Credit Rating of bbb- placed under review with negative implications by AM Best. According to the announcement, this decision was made following a material deterioration in the firm’s surplus position ... Read the full article
Allstate extends top of catastrophe reinsurance tower to all-time high of $7bn
2nd March 2023
U.S. primary insurer Allstate has raised the top of its Nationwide Excess Catastrophe Reinsurance Program tower to a record high of $7 billion after the placement of a new $100 million catastrophe bond transaction. At this level, it's the highest amount of reinsurance protection that the insurer has secured to cover ... Read the full article
Allstate records $307m cat losses for January
16th February 2023
The Allstate Corporation has announced estimated pre-tax catastrophe losses of $307 million ($243 million after-tax) for the month of January 2023. The U.S. primary insurer stated that catastrophe losses for the month of January were estimated at $309 million, related to nine events primarily in Texas and California. According to Allstate, these ... Read the full article
Allstate reports net loss of $310m in Q4 results
2nd February 2023
US primary insurer Allstate has posted a net loss of $310 million for Q4 of 2022, primarily driven by auto insurance underwriting losses. This compares to a net income of $790 million in the same quarter of 2021. Adjusted net loss was $359 million, or $1.36 per diluted share, compared to adjusted ... Read the full article
Allstate falls to Q4 loss as Storm Elliott drives $779m cat bill
19th January 2023
US primary insurer Allstate has reported a preliminary net loss for the fourth quarter of 2022, as costs from Winter Storm Elliott contributed to an overall catastrophe loss of $779 million for the Q4 period, pre-tax. The company estimates its overall Q4 loss at between $285 million and $335 million, or ... Read the full article