Live Insurance News

Is Allstate Insurance Ready to Re-enter California with Huge Losses

May 27, 2024May 27, 2024 Loreen

Allstate Insurance Reports $491 Million in Losses from Catastrophic Events Allstate Insurance disclosed that $491 million of its recent losses were due to 11 distinct catastrophic events, with roughly 80% coming from four major wind, hail, or tornado occurrences. The remainder of the losses included claims reserve re-estimates for ongoing catastrophes. This revelation highlights the extensive challenges faced by the insurance sector amid an era of increasingly severe and frequent natural calamities. AM Best noted that Aon pointed out potential billions in losses insurers could have endured due to severe…

Allstate insurance company announces new Chief Legal Officer Christine DeBiase

December 1, 2022November 30, 2022 Nordstrom

The insurer issued a news release welcoming DeBiase to her new position in the corporation. The Allstate Corporation has announced that Christine (Chris) DeBiase will be joining the insurance company just after the start of the new year as its new Executive Vice President, Chief Legal Officer, General Counsel and Corporate Secretary. DeBiase will be taking this position with the Allstate Corporation as of January 3, 2023. DeBiase will be taking the head of Law and Regulation as well as the insurance company’s sustainability strategy. She is an outsider from…

Allstate announces new jobs through diversity program

November 16, 2022November 15, 2022 G. Turner

The insurer has created new entry-level asset management positions with the new AMDA program. Allstate has announced the creation of a new talent pipeline in the asset management industry for the direct purpose of boosting diversity while removing barriers. By working with William Blair Investment Management and LGIM America, the Asset Management Diversity Accelerator (AMDA) was created. The AMDA is a development program for diverse and under-represented jobseekers. The AMDA works as a two-year rotational development program, providing recruits with considerable experience within the industry. Simultaneously, it helps those recruits…

Allstate Insurance announces Vice Chair Don Civgin retirement

April 15, 2022April 14, 2022 Logan B.

Allstate Insurance - Retirement Announcement

The insurer simultaneously announced that it would be undergoing a change in its senior leadership. Allstate Insurance has announced the retirement of Vice Chair and CEO of Protection Products and Services Don Civgin. This decision to retire followed a “distinguished 13-year career,” with the insurer, according to a recent news release. Cigvin first came to the company in 2008, at which time he was the Chief Financial Officer. From that time, Civgin moved up in Allstate Insurance, becoming the President and CEO of Allstate Financial in 2012. In 2019, he…

CEO Tom Wilson wants more Allstate independent agents but not “human modems”

June 28, 2021June 24, 2021 Marc

Allstate Independent Agents - person providing customer service

The insurer’s chief exec seeks to purchase more independent agencies to build on newly acquired business. According to Chief Executive Office Tom Wilson, the insurance company is seeking more Allstate independent agents, according to a recent Reuters report. The plan is to build on the business the insurer acquired when it took on National General. That said, the Allstate independent agents the insurance company is seeking are those who will be able to hold in depth discussions with customers. The plan isn’t simply to hire people for data entry to…

Allstate auto insurance market share tanking at fastest pace in 20 years

February 8, 2021February 5, 2021 Nordstrom

Allstate auto insurance market share - down arrow

This slip has occurred despite the priority the insurer has placed on growth and gains in this category. Top priority was given to the Allstate auto insurance market share last year, but despite its efforts, 2020 caused the company to see sizable growth rate reductions. In fact, the insurer saw the lowest policy renewal rates it has experienced since at least 2001. One of the factors having the hardest impact on the Allstate auto insurance market share last year was the sudden price competition driven by the 2020 COVID-19 pandemic…

Court rules in favor of Allstate in defamation lawsuit but still demands $4 million compensation

October 29, 2020October 28, 2020 Marc

Defamation lawsuit - gavel - dollar sign

Despite the fact that the insurer was in its rights to fire a broker last year, it must still pay punitive damages. A California appellate court ruled that Allstate Insurance Co was within its rights to terminate Michael A. Tilkey’s employment as a broker in 2019, in a defamation lawsuit. Tilkey pleaded guilty to disorderly conduct and was let go from his $200,000 per year job. That said, despite the fact that the court ruled in favor of the insurance company in this defamation lawsuit, the insurer was still required…