Allstate insurance company purchases potential new Chicago headquarters

Insurance company - making a purchase - deal

The insurer announced that it has purchased the building at 29 N. Wacker, where it might place its HQ. The Allstate insurance company has announced that it is acquiring an office building in the Loop in Chicago. This new location has the potential to serve as the national insurer’s new headquarters following the sale of its former HQ at the Northbrook campus. The announcement has been made under two months from that announcing the sale in Northbrook. The insurance company bought the 29 N. Wacker Drive 10-storey building for an…

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Insurance companies face steep criticism in Louisiana in wake of Hurricane Ida

Insurance companies - Hurricane destruction

State officials didn’t mince words in expressing the frustrations of residents held back by major obstacles. Residents of Louisiana are sick and tired of insurance companies, following two years of severe storms that have led to slow claims progress, struggles to reach providers in the first place, and inadequate payouts. Hurricane Ida left devastation behind in major areas of southeastern Louisiana in August. By December, many people are still living in temporary housing or FEMA trailers, awaiting the payouts from their insurance companies. The Louisiana Legislature joint insurance committee held…

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The Allstate Corp sells $570 million in loans to Wintrust Bank

Allstate Corp - 1 million dollars

The deal also made the bank the national preferred loan provider to the insurer’s agents. The Allstate Corp and Wintrust Bank have come to an agreement in which $570 million of loans have been sold to the bank, and that financial institution has become the preferred national provider of loans to the insurer’s agents. In total, the bank will be purchasing 1,800 loans to agents across the country. The bank, which is based in Rosemont, Illinois, has branches in Lansing, Dyer, and across the southern suburbs in the state. It…

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Allstate Corporation ALNY life insurance and annuity business sales close

Life insurance - Deal - money

The insurer has announced the receipt of all necessary regulatory approval for the sale closures. The Allstate Corporation (NYSE stock symbol ALL) has announced that it has closed the sale of its Allstate Life Insurance Company of New York (ALNY) to Wilton Re. The sale of ALNY was announced as having closed for about $400 million. The insurer announced the closure of the sale of the life insurance and annuity business when it obtained all the regulatory approvals it needed to move forward. “Closing on the sale of ALNY is…

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Insurance agents’ group files lawsuit against Allstate

Insurance agents - lawsuit - Gavel

The suit filed by the NAPAA alleges that the insurer was in breach of contract. The National Association of Professional Allstate Agents (NAPAA) representing the insurer’s insurance agents, alleges that the company was in breach of contract. The NAPAA filed the lawsuit in the US District Court, Northern District of Illinois on May 18, 2021. With the lawsuit, the insurance agents seek injunctive relief, declaratory relief, and monetary damages. This civil action is based on eleven counts of breach of contract. The NAPAA and a number of former agents who…

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Allstate Q1 revenue driven skyward by National General acquisition

Allstate Q1 Revenue - Revenue increase

The insurer’s revenues rose 26 percent during the quarter, though saw an overall $1.4 billion loss. In an Allstate Q1 revenue statement, the insurer reported that it saw a substantial 26 percent rise from its National General acquisition and premium gains. This at the same time that the insurer dropped its life and annuity businesses leading to losses. The insurance company experienced an overall $1.4 billion net loss as the Allstate Q1 revenue simultaneously took off. Comparatively, in the same quarter of 2020, it saw an overall $513 million net…

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Allstate loses long-held second place in home state Illinois auto insurance market

Illinois auto insurance - image of Chicago, Illinois

The insurer has long held the number two position in the state, but Progressive’s growth was faster. Progressive has, for the first time, taken Allstate’s position in its Illinois auto insurance home state market. Based on a key measure, Allstate has lost the position it has been holding for decades. Based in Cleveland, Ohio Progressive now provides Illinois auto insurance for a larger number of vehicles than Allstate, which is based in Northbrook. This tally uses the figures filed with the state Department of Insurance. Possibly more importantly, Progressive’s rapid…

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