Reinsurance News
Allstate
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
Allstate saw $223m in cat losses in July
18th August 2022
Allstate has said it is expecting catastrophe losses in July of $223m, or $176m after tax. The firm said that July catastrophe losses included 12 events, primarily wind and hail, that were geographically widespread, estimated at $233 million, partially offset by favourable reserve reestimates for prior period events. Mario Rizzo, CFO of ... Read the full article
Allstate reports $1bn net loss in Q2 results
4th August 2022
Allstate has announced a second quarter net loss applicable to common shareholders of $1.04 billion, compared to an income of $1.60 billion in the prior year quarter. The company noted that the loss was primarily due to lower underlying underwriting income, higher catastrophe losses, equity valuation declines and losses on fixed ... Read the full article
Allstate announces June catastrophe losses
21st July 2022
Allstate has said that it saw catastrophe losses in June of $356m or $281m, after-tax. The firm said in a statement that June catastrophe losses included 10 events, primarily wind and hail in the Midwest, estimated at $315m, plus unfavorable reserve reestimates for prior period events. Catastrophe losses for the second ... Read the full article
Allstate lifts Florida reinsurance coverage by ~$600m at renewals
17th June 2022
After adding some $850 million of coverage to its Nationwide Excess Catastrophe Reinsurance program in the first-quarter of 2022, US primary insurer Allstate has secured almost $600 million of additional protection for its Florida Excess Catastrophe Reinsurance program for 2022-2023. In early May, Allstate provided an update on its reinsurance ... Read the full article
Allstate reports cat losses in May of $436m
16th June 2022
Allstate has said it saw estimated catastrophe losses throughout May of $436m, or $344m after tax. According to the insurer, its May catastrophe losses included 14 events, primarily wind and hail in Texas, the Midwest and Canada, estimated at $423m, plus unfavourable reserve reestimates for prior period events. Catastrophe losses for ... Read the full article
Allstate reports April cat losses of $316m
20th May 2022
Allstate says that it has estimated catastrophe losses for the month of April of $316 million or $250 million, after-tax. The company said that catastrophe losses in April included fourteen events, primarily wind, hail and tornadoes in Texas and the southeast – estimated at $299 million, plus unfavourable reserve re-estimates for ... Read the full article
Allstate raises catastrophe reinsurance coverage by $850m
5th May 2022
US primary insurer Allstate has expanded its per-occurrence Nationwide Excess Catastrophe Reinsurance programme for 2022-2023 to provide coverage up to $6.614 billion of losses, less a $500 million retention. In Q1 2022, Allstate completed the renewal of some of its catastrophe reinsurance placements for 2022-2023, specifically its Nationwide Excess Catastrophe Reinsurance ... Read the full article
Allstate profits dip amid inflation re-alignment
5th May 2022
Allstate has seen a drop in income and a small 0.9% dip in its consolidated revenues for the first quarter of 2022, as the company attempts to meet the challenge of inflation by re-aligning its business practices. Tom Wilson, Chair, President and CEO of The Allstate Corporation, explained that his company ... Read the full article
Allstate reports March cat losses of $227m
22nd April 2022
Allstate says that it has estimated catastrophe losses for the month of March of $227m or $179m, after-tax. The company said that March catastrophe losses included six events, primarily tornado and wind in Texas and the southeast, estimated at $246m, plus favorable reserve reestimates for prior events. Catastrophe losses for the ... Read the full article
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
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