Tag: Allstate

Allstate insurance company lost $218 million from Marshall Fire in Colorado

G. Turner
Insurance company - money on fire - financial loss

The insurer’s fourth quarter catastrophe losses were about $528 million in total last year. The Allstate insurance company has reported its catastrophe losses for last year’s fourth quarter. Its total was a pre-tax $528 million, with a substantial impact from the loss events that occurred in December, particularly the Marshall Fire in Colorado. December 2021 was a particularly impactful month on the insurer’s total catastrophe losses. Allstate’s pre-tax catastrophe loss estimates were $411 million for December 2021 alone. After tax, that translates to $325 million. The $411 million is a…

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Allstate insurance company purchases potential new Chicago headquarters

Nordstrom
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

Marc
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

G. Turner
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

G. Turner
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

H. Cutner
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

Marc
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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