Reinsurance News
Allstate
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
Allstate reports Q3 cat losses of $1.3bn
21st October 2021
US primary insurer Allstate has recorded total catastrophe losses of $1.3 billion for the third quarter of 2021, pre-tax, after taking $165 million in the month of September. Catastrophe losses in September were estimated at $103 million, plus reinsurance reinstatement premium and modest unfavorable reserve re-estimates. Two large wind/hail events, primarily impacting ... Read the full article
Allstate completes sale of New York Life and Annuity Businesses
4th October 2021
The Allstate Corporation has obtained all required regulatory approvals and closed the sale of Allstate Life Insurance Company of New York to Wilton Re for $400 million. Earlier this year, Allstate agreed to sell Allstate Life Insurance Company to Everlake US Holdings Company, an entity managed by Blackstone Group. This separate transaction ... Read the full article
Reinsurers to take major share of Allstate’s $1.4bn hurricane Ida loss
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
Allstate braced for $227mn July cat losses
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
Allstate fills reinsurance tower gap, bolsters Florida progam
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
Allstate’s Q2 net income reaches $1.6bn
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
Allstate’s June cat losses hit $154m, bringing Q2 total to $752m
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
Allstate announces $213mn in cat losses for May
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
Allstate to acquire SafeAuto for $300m
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
Allstate cat losses total $544m in April
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