Reinsurance News
Allstate
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
Christine DeBiase joins Allstate as Chief Legal Officer
30th November 2022
US primary insurer Allstate has announced that Christine DeBiase will join the company as Executive Vice President, Chief Legal Officer, General Counsel and Corporate Secretary, effective January 3rd, 2023. In this role, DeBiase will lead Law and Regulation and Allstate’s sustainability strategy. DeBiase brings more than 25 years of insurance industry and ... Read the full article
Allstate ups October auto rates by 14% to account for inflation
17th November 2022
US primary insurer Allstate has announced that it increased auto rates by 14.0% across 15 locations during the month of October in response to inflationary increases to loss costs. Jess Merten, Chief Financial Officer at Allstate, said that this move would result in total brand premium impact of 1.3%. Rate increases for ... Read the full article
Allstate reports $694mn net loss in Q3 results
3rd November 2022
Allstate has announced a net loss of $694 million for the third quarter of 2022, compared to a net income of $508 million in the prior year quarter, primarily due to an underwriting loss and equity valuation declines. The company’s adjusted net loss for the quarter was $420 million, compared to ... Read the full article
Fitch revises Allstate’s rating outlook to negative
31st October 2022
Fitch Ratings has revised the Rating Outlook of US primary insurer Allstate from stable to negative. Fitch states that the outlook revision to Negative primarily reflects sharp deterioration in 9M22 underwriting results, compared to rating sensitivities, declines in statutory capital and adverse revisions to prior reserves outside of expectations. The ratings agency ... Read the full article
Allstate to recover 45% of $671m Hurricane Ian loss from reinsurers
20th October 2022
US primary insurer Allstate has announced that it expects to incur a net loss between $675 million and $725 million for the third quarter of 2022, largely due to the impacts of Hurricane Ian. Catastrophe losses for the third quarter, net of reinsurance, are estimated to be $763 million, pre-tax. Gross catastrophe ... Read the full article
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
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