Tag: allstate insurance

Allstate Corporation July losses offset by substantial income generation

Logan B.
Allstate Corporation - Money - Puzzle

Though there were a number of catastrophic events, PG&E subrogation recoveries made up for it. Allstate Corporation has reported that even though it faced a spectrum of catastrophic events during July 2020, the losses it experienced were more than offset by its incomes. The insurer faced losses of $145 million in July due to catastrophic events of various forms. The losses faced by Allstate Corporation were more than offset to the PG&E subrogation recoveries income generation that occurred during that same month. In July, the catastrophic event losses were quite…

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National General to be acquired by Allstate for $4 billion

Logan B.
National General - Business Deal

The insurance giant is making the purchase to expand its auto reach and independent agent business. Insurance giant Allstate Corp announced this week that it will purchase National General Holdings Corp for about $4 billion. This will be a cash purchase, boosting the insurer’s auto insurance business just as the pandemic crisis has made that sector highly profitable. Auto insurance claims are way down due to the smaller amount of traffic on the roads. National General shareholders will be compensated with $32 per share in cash. They will also receive…

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Allstate catastrophe losses reach $982 million for April and May 2020

H. Cutner
Allstate catastrophe losses

In a recent announcement, the insurer showed that May’s figures weren’t as high as those in April. Allstate catastrophe losses have reached $982 million for the combined months of April and May. May alone was responsible for estimated losses of $350 million. This will translate to $277 million after tax. The American insurer had already announced its figures for April, which were an estimated $632 million. In April, the announcement showed that the Allstate catastrophe losses were a notably higher pre-tax estimated $632 million. That would convert to $499 million after…

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Allstate faces “thousands” of insurance job layoffs for its staff

Marc
Insurance job layoffs - layoffs from COVID-19 - newspaper article

The insurer intends to let thousands of people go in an effort to reduce its costs, say reports. Allstate Corporation plans to use thousands of insurance job layoffs to try to cut costs, say several reports. The news came directly from the insurer’s CEO who discussed it in a recent video conference call. Allstate CEO Tom Wilson held a video conference call with his senior team leaders. In that call, he talked about the fact that thousands of insurance job layoffs were on their way. These “thousands of jobs” would…

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Another Allstate auto insurance rebate is likely to be issued to policyholders

H. Cutner
Auto insurance rebate Truck parked in driveway

The insurer is moving to provide drivers with further relief as the pandemic continues to slash miles. The Allstate Corp insurer will likely issue another auto insurance rebate to its policyholders as a result of decreased driving habits throughout the pandemic, said the company’s CEO Tom Wilson. This additional reduction will be meant as a reflection of the ongoing driving reduction in certain areas. Allstate announced its first auto insurance rebate wave on April 6. At that time, it was returning over $600 million in premiums to its policyholders. The…

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