Allstate Buys Smartphone Repairer iCracked, Expanding Its Consumer Services

Article 0 Comments The Allstate Corp. said it has acquired iCracked, a provider of on-site, on-demand repair services for smartphones and tablets in North America. The privately held San Francisco-based company will join SquareTrade, a company Allstate purchased in 2019 for $1.4 billion that offers consumer protection plans and tech […]

Allstate Q4 Catastrophe Loss Tempered by Higher Premiums, Reduced Auto Claims

Article 0 Comments The Allstate Corp. lost $312 million in its 2018 fourth quarter, which was attributable to higher catastrophe losses, lower investment income and a pension settlement charge. Catastrophe losses hit $963 million, versus just under $600 million in Q4 2017. However, the insurer said that higher premiums earned […]

Big 3 Drive Personal Auto Insurance Recovery; Signs of Rate Hike Fatigue Ahead

Article 0 Comments Steady improvement for U.S. personal auto insurance companies has culminated in the sector’s best underwriting performance in 10 years, according to Fitch Ratings in a report. The market improvement was driven by the three biggest auto insurers. The U.S. personal auto insurance market has shown continued fundamental […]

Allstate’s Shares Fall Under Weight of Wildfire Losses

Article 0 Comments Allstate Corp. tumbled for nine straight days, the longest string of losses since 2001, as coverage costs from the deadliest fires in California’s history are tallied. The company seemed to have “out-sized exposure” to the location of the blazes, Wells Fargo & Co. analyst Elyse Greenspan said […]

Morgan Stanley: State Farm, Allstate Largest Insurers Exposed to Alaska Quake

Article 0 Comments State Farm, Allstate and USAA have the lion’s share of exposure from the magnitude 7.0 earthquake that struck Alaska on Nov. 30, according to a Morgan Stanley Research brief put out on Monday. The epicenter was roughly 7 miles north of Anchorage at 27 miles in depth, […]

Allstate Reported to Be Weighing Sale of Fixed-Annuities Business

Article 0 Comments Allstate Corp., the automobile and home-insurance giant, is exploring a sale of its fixed-annuities business, which stopped selling new policies about five years ago, people familiar with the matter said. The insurer is working with financial advisers to seek buyers for the business, which has a book […]

Teens Urged to ‘Flip the Script’ on Parents This Teen Driver Safety Week

Article 0 Comments Four-in-10 parents of teen drivers don’t talk to their kids about safe driving on a regular basis. That factoid, says survey sponsor Allstate, could be an incentive for teens to “flip the script” and spearhead the conversation with their parents and friends during this week’s National Teen […]

Allstate to Acquire Identity Theft Protection Firm InfoArmor

Article 0 Comments The Allstate Corp. has agreed to acquire InfoArmor, a provider of employee identity protection, for $525 million in cash. The insurer said it sees “significant opportunity to cross sell” the new product through its own Allstate Benefits customer relationships and will consider future expansion through Allstate’s businesses. […]

Progressive is the Latest to Comply with New York Auto Insurance Rate Regulation

Article 0 Comments A fourth major auto insurance company in New York has reached a compliance agreement with the New York Department of Financial Services (DFS) regarding DFS’ final regulation against discriminatory auto insurance rates. Progressive has informed Financial Services Superintendent Maria T. Vullo of its plans to comply with […]