Reinsurance News
Allstate
Allstate seeks $400m of reinsurance in Q2 as storms erode cat bond protection
7th May 2021
US primary insurer Allstate is looking to secure a new, $400 million gap fill layer of reinsurance protection in the second quarter of 2021, taking its occurrence reinsurance tower to the largest it has ever been. The insurer has reported that losses from the Q1 winter storms and freezing weather in ... Read the full article
Allstate falls to $1.4bn Q1 loss following sale of life and annuity businesses
6th May 2021
US primary insurer Allstate has reported $1.4 billion loss in the first quarter of 2021, compared to net income of $513 million in the first quarter of 2020, driven by the sale of Allstate Life Insurance Company and Allstate Life Insurance Company of New York. The company also sustained gross ... Read the full article
Allstate calls on agg reinsurance in March as cat losses hit $252m
15th April 2021
US primary insurer Allstate Corporation has announced estimated catastrophe losses of $466 million for the first-quarter of 2021, after tax and $1.08 billion in anticipated reinsurance and subrogation recoveries. All in all, gross losses from catastrophe events during the opening quarter of 2021 amounted to $1.67 billion for Allstate, but were ... Read the full article
Allstate exits life & annuity businesses with sale of ALNY to Wilton Re
29th March 2021
The Allstate Corporation has completed its exit from the life and annuity sectors with the sale of Allstate Life Insurance Company of New York (ALNY) to Wilton Re for a sum of $220 million. Under the terms of this definitive agreement, Allstate divests ALNY and also terminates an ALIC stop-loss reinsurance ... Read the full article
Allstate taps aggregate reinsurance cover as Feb losses hit $577m
18th March 2021
US primary insurer Allstate Corporation has announced that its estimated catastrophe losses for the month of February of $577 million, pre-tax ($456 million, after-tax). At this level, Allstate has now surpassed the retention level of its nationwide aggregate reinsurance cover, with the annual risk period ending March 31, 2021. Catastrophe losses in ... Read the full article
Allstate agrees to sell life insurance arm to Blackstone for $2.8bn
27th January 2021
U.S. primary insurance carrier, The Allstate Corporation, has reached an agreement to sell Allstate Life Insurance Company (ALIC) and certain subsidiaries to entities managed by private equity investment giant, Blackstone, for $2.8 billion. Currently, ALIC holds around 80%, or $23 billion of Allstate's life and annuity reserves and in 2019, generated ... Read the full article
Allstate finalises acquisition of National General
6th January 2021
US primary insurer Allstate Corporation has closed its $4 billion acquisition of National General Holdings. The acquisition, which was announced in July last year, sees Allstate expand its personal lines market position. National General offers a range of property-liability solutions through independent agents with a presence in non-standard auto insurance. Additionally, National ... Read the full article
Allstate pegs October cat losses at $345mn
20th November 2020
US primary insurer Allstate incurred an estimated $345 million in catastrophe losses throughout October. This loss figure includes 10 events at an estimated pre-tax cost of $324 million, plus increased estimated catastrophe losses for prior quarter events. Estimated catastrophe losses for the month include the impacts of hurricane Zeta and hurricane Delta, ... Read the full article
Allstate’s net income rises despite restructuring charge & cat losses
5th November 2020
Despite a previously announced restructuring charge and elevated catastrophe losses of $990 million, The Allstate Corporation has reported a 26.7% rise in net income to $1.13 billion for the third-quarter of 2020. At the start of October, Allstate warned that its third-quarter results would be negatively impacted by a restructuring ... Read the full article
September wildfires push Allstate’s Q3 cat bill to $990mn
15th October 2020
US primary insurer Allstate has revealed that it incurred estimated pre-tax catastrophe losses of $990 million over the third quarter of 2020, or $782 million after tax. The company put its September cat losses at $339 million ($268 million, after-tax), which added on to losses of $651 million ($514 million, after-tax) ... Read the full article
Allstate selected to provide auto coverage to Lyft in several US states
2nd October 2020
US primary insurer Allstate has been selected to provide commercial auto coverage to Lyft in the US states of California, Iowa, Indiana, Kansas, Kentucky, Missouri, Ohio and West Virginia. The policies managed by Allstate provide coverage throughout the cycle of a Lyft trip, from when a driver turns on the Lyft ... Read the full article
Restructuring, real estate exit costs & low interest rates to dent Allstate in Q3
1st October 2020
The Allstate Corporation has warned of a restructuring charge of approximately $290 million (pre-tax) to be recognised in the final two quarters of the year, alongside real estate exit costs of around $80 million (pre-tax) and the negative impact of low interest rates on third-quarter earnings. The insurer has provided some ... Read the full article
Allstate pegs August cat losses at $985mn
18th September 2020
US primary insurer Allstate has estimated its catastrophe losses for the month of August at $985 million, pre-tax. Losses during the period consisted of 11 events at an estimated cost of $969 million, pre-tax, plus unfavorable prior period reserve reestimates. Estimated catastrophe losses for the month include a $430 million impact of ... Read the full article
Allstate’s July catastrophe results produce income on $450m PG&E recovery
20th August 2020
U.S. primary insurer, The Allstate Corporation, has revealed that catastrophe results for the month of July generated pre-tax income of $334 million ($264mn after-tax), as previously announced PG&E subrogation recoveries more than offset the impacts of catastrophe events in the period. After investigations in 2019 found that PG&E's equipment was responsible ... Read the full article
Allstate reports 146% rise in underwriting income to $904mn
6th August 2020
The Allstate Corporation's underwriting income improved by a significant 146.3% in Q2 2020 to $904 million, contributing to increased net income of $1.22 billion for the quarter. Alongside the better underwriting income, Allstate notes that its net income in the second-quarter of 2020 also benefitted from higher net realised capital gains ... Read the full article