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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Allstate issues caution against contractor and insurance fraud following severe weather

Insurance fraud - home repair - hammer and nail

The insurer has shared tips to its policyholders to help protect themselves against scams. The severe weather that struck the southern and middle states has provided a considerable opportunity for scammers interested in ripping people off through contractor and insurance fraud. Allstate is hoping that more people will learn its tips to keep themselves safe from scammers. The insurance company has issued these tips to equip Americans with the information they need to spot scams and stay away from them. Insurance fraud is already estimated to have reached about $40…

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Allstate homeowners insurance rates increase following 191 hike approvals

Allstate homeowners insurance rates - Home Money - Rates

The insurer has the green light to raise its premiums for property owners across 43 states. Following the receipt of 191 approvals from state regulators in 2020, Allstate homeowners insurance rates can rise in as many as 43 states. This would produce a premiums increase of an estimated $222.3 million, according to an S&P Global Market Intelligence analysis. Conversely, State Farm’s filings suggest that they will be reducing their premiums in 17 states. At the same time that Allstate homeowners insurance rates filings were seeking to increase premiums, State Farm…

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Blackstone Group to purchase Allstate life insurance business for $2.8B

Allstate Life insurance - money - financial - US Dollars

The sale will make it possible for Allstate to focus on its personal property-liability units. Blackstone Group Inc. has announced its agreement to purchase an Allstate life insurance business for $2.8 billion. This move was made as the private equity firm has been broadening its strategy within the insurance industry. The purchase is being made by entities managed by Blackstone Group, according to the announcement. Though the Allstate life insurance business will be sold to the private equity firm, the insurer will be holding onto a New York life business.…

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