State Farm halts all federal campaign donations in light of the Capitol riots

Federal campaign donations - Federal campaign donations - US Capitol Building

The insurer has been among the largest local corporate donators to United States lawmakers. Top rival insurance giants State Farm and Allstate have been among the largest sources of local corporate federal campaign donations. However, the former of the two has announced that it has stopped giving to those causes. State Farm had been a heavy hitter for donations, including to lawmakers voting against Biden’s win certification. The insurance company is also one of the top sources of federal campaign donations among all Illinois corporations. However, State Farm has announced…

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Cyber insurance companies could lose $90 million to SolarWinds hack

SolarWinds Hack - Hacker - Computer

Insurers will need to foot the bill for many costs such as incident response and forensic services. The SolarWinds hack is expected to cost cyber insurance companies about $90 million total for covering forensic services and incident response services for compromised clients. That said, many experts are saying that this expense could have been significantly higher. “Although the SolarWinds attack is a cyber catastrophe from a national security perspective, insurers may have narrowly avoided a catastrophic financial incident to their businesses,” said BitSight director of insurance programs and partnerships, Samit…

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State Farm runs Red Cross donation matching until Friday

Red Cross Donation Matching - Red Cross

The insurer is dollar-for-dollar matching donations January 11 to 15 to a limit of $100,000. State Farm has announced that it is running a Red Cross donation matching campaign for the length of this week, ending on January 15, 2021. The insurer chose to focus on helping this charity following an extremely difficult year for fundraising. The pandemic has made life very difficult and while businesses of many forms struggle, charities have found it exceptionally challenging to bring in the donations they need, as many types of traditional fundraising became…

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Allstate Corporation acquisition of National General Holdings Corp closes

National General Holdings Corp - signing contract - business deal

The insurer announced the closing of the deal, which was made for $4 billion. The Allstate Corporation recently announced the closing of its acquisition deal for National General Holdings Corp, for $4 billion. This new purchase is the latest in a number of strategic moves being made by the insurance company. “The acquisition of National General advances our strategy of growing personal lines insurance with an increase of 1 percentage point in market share. Independent agents will now have more protection offerings for customers, with a strong technology platform creating…

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EIOPA watchdog seeks insurance company capital regulations overhaul

Insurance company capital regulations - EU flags

The EU organization is aiming to establish a more hands-on approach to the rules. The European Union’s insurance company capital regulations require an overhaul that would provide a closer reflection of low interest rates, said the EU insurance watchdog. It also stated that stronger authority for intervention were required, such as banning dividends in order to maintain solvency throughout market shocks. The EU’s Solvency II capital requirements from insurers is currently in a review process. The Solvency II insurance company capital regulations impact insurers throughout the EU, including Allianz, Generali,…

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Allstate Foundation grant sends $1.2 million in school supplies to US teachers

Allstate Foundation grant - Teacher and classroom

Educators across the country are having their wish lists filled whether in-class or teaching online. A recent Allstate Foundation grant sent $1.2 million in essential school supplies to teachers across the country. The goal is to help the educators to empower and excite their students, regardless of whether they are in a classroom or learning online. Nearly 95 percent of teachers spend money from their own pockets on classroom and teaching supplies. Of the teachers spending their own money on these supplies, the average amount spent is $500 per year.…

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Allstate plan for ‘transformative growth’ not unlike Progressive’s

CEO Tom Wilson’s strategy was launched late in 2019, but growth won’t arrive until the second phase. CEO Tom Wilson released the Allstate plan for “transformative growth” late last year. Though there has been a large number of changes throughout 2020, the promised growth has yet to be revealed. That said, the CEO says that the growth component will arrive with the second part of the strategy. Though Wilson has not set any dates as to when the second part will arrive – and the growth along with it –…

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