Reinsurance News
Allstate
State Farm & Berkshire maintain status as top US P&C insurers
24th October 2019
State Farm and Berkshire Hathaway Specialty Insurance maintained their spots as the largest and second-largest U.S. Property and Casualty (P&C) writers in 2018, respectively, while Chubb INA Group entered the top ten. This is according to the Reinsurance News directory of the Top 100 U.S. P&C ... Read the full article
Allstate expecting $235m pre-tax catastrophe loss for July
15th August 2019
US primary insurer Allstate Corporation has reported an estimated $235 million pre-tax catastrophe loss for the month of July ($186 million, after-tax). The figure represents a drop from the $311 million pre-tax figure reported for June, when the company was hit by losses from 16 events, including four severe wind ... Read the full article
Allstate’s Q2 income growth offset by heavy cat losses
31st July 2019
US primary insurer Allstate Corporation has released its results for the second quarter of 2019, showing net income growth of 18.7% when compared to the same period in 2018. This was despite the impact of heavy catastrophe losses on the company’s performance, which totalled $1.07 billion in Q2 2019, up ... Read the full article
Allstate estimates Q2 catastrophe loss at $1.07bn, pre-tax
18th July 2019
The Allstate Corporation has estimated that its catastrophe losses for the month of June were $309 million, pre-tax ($244 million, after-tax), putting the insurer’s total Q2 catastrophe losses at $1.07 billion, pre-tax ($847 million, after-tax). Catastrophe losses in June comprised 16 events at an estimated cost of $311 million, pre-tax ($246 ... Read the full article
Allstate reports catastrophe losses of $473mn for May
21st June 2019
The Allstate Corporation has announced that its estimated catastrophe losses for the month of May 2019 were $473 million, pre-tax ($374 million, after-tax). Catastrophe losses occurring in the month comprised 14 events at an estimated cost of $504 million, pre-tax ($398 million, after-tax). This was offset by favourable reserve re-estimates of prior ... Read the full article
Allstate posts catastrophe losses of $290mn for April
17th May 2019
The Allstate Corporation has announced that its estimated catastrophe losses for the month of April 2019 were $290 million, pre-tax ($229 million, after-tax). Two wind/hail events, which primarily impacted Texas, accounted for approximately 70% of the month’s catastrophe losses, Allstate revealed. The insurer was impacted by seven catastrophe events in April, which ... Read the full article
Allstate “feels really good” about 2019 reinsurance placement: CFO, Rizzo
8th May 2019
Mario Rizzo, Executive Vice President (EVP) and Chief Financial Officer of The Allstate Corporation, has said that the insurer feels "really good" about its larger catastrophe reinsurance program for 2019 - 2020. Allstate makes extensive use of reinsurance protection to optimise the risk and return profile of its homeowners business, and ... Read the full article
Allstate grows catastrophe reinsurance program by $363 million
2nd May 2019
The Allstate Corporation has expanded its catastrophe reinsurance program for 2019 - 2020 to $4.863 billion, compared with a $4.5 billion program in the previous year. Overall, Allstate's total catastrophe reinsurance spend in the first-quarter of 2019 was $88 million, compared with a total spend of $85 million in the prior ... Read the full article
Allstate’s Q1 cat losses hit $680 million in 2019
23rd April 2019
The Allstate Corporation has revealed estimated catastrophe losses of $381 million, pre-tax ($301mn after-tax) for the month of March 2019, comprised of seven events and unfavourable reserve reestimates of prior period cat losses. The seven events resulted in estimated catastrophe losses of $371 million for the month, with $10 million coming ... Read the full article
Allstate in talks to sell $2.5bn annuity book to FGL Holdings, sources
4th April 2019
Allstate Corporation, one of the largest primary insurers in the US, is close to selling a book of policies from an area in which it no longer creates new business to FGL Holdings, Reuters has reported. With a valuation of between $2.5 billion and $3 billion, the deal would be the ... Read the full article
Allstate announces combined Jan & Feb catastrophe loss of $299 million
21st March 2019
The Allstate Corporation has announced that ten events drove the large majority of an estimated pre-tax catastrophe loss of $151 million ($119mn after-tax) for the month of February, 2019. Of the ten catastrophe events, a wind event that primarily impacted Pennsylvania, Ohio, and New York, accounted for roughly 60% of the loss ... Read the full article
Allstate hit with $670m Camp and Woolsey wildfire losses
13th December 2018
American insurer Allstate has announced pre-tax catastrophe losses for the month of November of $685 million ($541 million, after-tax), of which $670 million ($529 million, after-tax) is attributable to California’s Camp and Woolsey wildfires and reflect the impact of reinsurance recoveries and reinstatement premiums. Allstate has said it has already provided ... Read the full article
Allstate takes $202mn cat losses in October, $136mn driven by Michael
15th November 2018
Allstate Corporation, one of the largest primary insurers in the U.S, has estimated that it will incur $202 million of catastrophe losses for the month of October 2018, $136 million of which were caused by Hurricane Michael. This estimate follows catastrophe losses of $177 million for the month of September ... Read the full article
Allstate said to be considering fixed-annuities business sale
9th November 2018
Allstate Corporation, one of the largest primary insurers in the U.S, is reportedly considering the sale of its fixed-annuities business, which stopped selling new policies about five years ago, according to sources at Bloomberg. People familiar with the matter said the insurer was working with financial advisers to find buyers for ... Read the full article
Allstate estimates $177m pre-tax cat loss for September
18th October 2018
Allstate Corporation, one of the largest primary insurers in the U.S, has announced estimated pre-tax - and likely post-reinsurance, although this is unable to be confirmed - catastrophe losses for September 2018 of $177 million ($140 million after-tax). This follows the $186 million pre-tax loss estimate Allstate posted for the ... Read the full article