Reinsurance News
Allstate
Allstate to acquire National General for $4 billion
8th July 2020
U.S. primary insurance giant, The Allstate Corporation, has reached an agreement to acquire National General Holdings Corporation for around $4 billion in cash, or $34.50 per share. The acquisition, which remains subject to regulatory approvals and other customary closing conditions, sees Allstate expand its personal lines market position. National General offers a ... Read the full article
Allstate reports catastrophe losses of $982mn for April & May
18th June 2020
The Allstate Corporation has announced that in the month of May it incurred estimated catastrophe losses of $350 million, pre-tax ($277 million after-tax). In April, U.S. primary insurer Allstate announced an estimated $632 million in pre-tax ($499 million after-tax) catastrophe losses. Combined, estimated catastrophe losses for the months of April ... Read the full article
Allstate extends COVID-19 payback scheme through June
27th May 2020
US insurer The Allstate Corporation (Allstate) has announced that it will extend its Shelter-in-Place Payback scheme through June to help its personal auto customers during the COVID-19 pandemic. The scheme is designed to return premiums to customers as they drive less and get in fewer accidents during the crisis. Originally set to ... Read the full article
Allstate reports $632mn cat losses for April
21st May 2020
US primary insurer Allstate Corporation has announced an estimated $632 million in pre-tax catastrophe losses for April 2020. Catastrophe losses, which came out to $499 million after tax, were driven by six events over the month. Together, these six events resulted in an estimated cost of $627 million pre-tax, or $495 million ... Read the full article
Allstate income drops 60% amid virus challenges
6th May 2020
US insurer The Allstate Corporation (Allstate) has reported a 59.3% decrease in its net income for the first quarter of 2020, as the COVID-19 pandemic hit investments and premiums were returned to customer. Income totalled $513 million in Q1 2020, compared to $1.26 billion for the same period last year, as ... Read the full article
Q1 results to see lighter catastrophe load, auto frequency benefits: MS
20th April 2020
Analysts at Morgan Stanley have lowered catastrophe loss estimates for both U.S. primary insurers and reinsurers ahead of Q1 2020 results season, driven in part by lower-than-expected U.S. spring storm activity. Unsurprisingly, the focus of first-quarter 2020 results is expected to be the ongoing COVID-19 coronavirus pandemic, but a reduction in ... Read the full article
Allstate announces $600mn payback scheme for customers amid COVID-19
6th April 2020
U.S. insurer The Allstate Corporation (Allstate) has announced the establishment of a Shelter-in-Place Payback scheme designed to assist its personal auto insurance customers during the ongoing COVID-19 pandemic. Customers that insure their vehicle with Allstate, Esurance, and Encompass will receive 15% of their monthly premium in April and May, which amounts ... Read the full article
Fitch revises Allstate’s rating outlook to stable from positive on coronavirus
18th March 2020
Fitch Ratings has downgraded the rating outlook for The Allstate Corporation and its core insurance subsidiaries to stable from positive, due to the significant uncertainty being caused by the global coronavirus pandemic. The ongoing COVID-19 outbreak has led to high levels of volatility in capital markets, which, has in turn driven ... Read the full article
Allstate records $58mn cat losses for January, reverts back to threshold
21st February 2020
US primary insurer Allstate Corporation has announced an estimated $58 million in pre-tax catastrophe losses for January 2020. Allstate has also reverted back to a cat loss reporting threshold of $150 million in a calendar month. The company had previously dropped this threshold last October. This practice, Allstate says, is consistent with its ... Read the full article
Allstate results benefit from decreased cat losses
5th February 2020
The Allstate Corporation has released its full-year results for 2019, reporting consolidated revenues of $44.7 billion, up 12% on the previous year. Net income also more than doubled compared with the previous year, at $4.7 billion in 2019 versus $2.0 billion in 2018. Results were helped by a decrease in catastrophe losses, ... Read the full article
Allstate’s 2019 cat losses down after quiet end to year
16th January 2020
The Allstate Corporation has announced that catastrophe losses in the month of December reached $25 million (pre-tax), taking its fourth-quarter 2019 estimated cat loss total to $295 million (pre-tax). Combined with the firm's loss experience throughout the rest of 2019, Allstate's 2019 catastrophe loss bill stands at approximately $2.6 billion, which ... Read the full article
Allstate’s catastrophe losses fall to $33mn in November
19th December 2019
The Allstate Corporation has announced that its estimated catastrophe losses for the month of November 2019 were $33 million, pre-tax ($26 million, after-tax). The US primary insurer reported that its catastrophe losses in November comprised just four events. Together, these events are estimated to have cost Allstate $19 million ($15 million, after-tax). The ... Read the full article
Allstate estimates $237mn of catastrophe losses for October
21st November 2019
The Allstate Corporation has announced pre-tax catastrophe losses of $237 million ($187 million after-tax) for the month of October. The U.S. primary insurer states that catastrophe losses in the month of October comprised of 12 individual events. 60%, or $142.2 million of the pre-tax ($112.2 million after-tax) loss total for the month ... Read the full article
Allstate’s underwriting income up by over 45% in Q3
30th October 2019
The Allstate Corporation has announced that its total revenue increased by 5.8% in the third-quarter of 2019 to $11.1 billion, while the firm's underwriting income jumped by more than 45% and its combined ratio strengthened to 91.6, compared with 93.9 in the third-quarter of 2018. Underwriting income totalled $737 million for ... Read the full article
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
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