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 […]

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 […]

Allstate Says Losses from California Fires $670M, CEO Wants to Address Climate Change

Article 0 Comments Allstate this week announced estimated catastrophe losses for the month of November 2018 of $685 million, pre-tax ($541 million, after-tax). Catastrophe losses occurring in November comprised six events at an estimated cost of $679 million, pre-tax ($536 million, after-tax), plus unfavorable reserve reestimates of prior reported catastrophe […]

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 […]

Allstate Reports $186 Million in Hail, Other Catastrophe Losses in August

Article 0 Comments The Allstate Corporation said estimated catastrophe losses for the month of August were $186 million, pre-tax ($147 million after-tax). Catastrophe losses occurring in August comprised 16 events at an estimated cost of $137 million, pre-tax, plus unfavorable reserve re-estimates of prior reported catastrophe losses. One hail event, […]

Allstate Says Brownsville, Texas, Has the Nation’s Safest Drivers

Article 0 Comments Illinois-based insurer, Allstate, has named Brownsville, Texas, the city with America’s safest drivers. The ranking is based on Allstate claims data. The 14th annual Allstate America’s Best Drivers Report spotlights safe driving leading up to the busy Labor Day travel weekend – a particularly deadly time of […]

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. […]

Beware ‘Tsunami’ Effect of Artificial Intelligence, Warns Allstate CEO Wilson

Article 0 Comments Artificial intelligence is coming for the service economy, according to Allstate Corp. Chief Executive Officer Tom Wilson. “It’s going to rip through this economy like a tsunami,” Wilson said Thursday in an interview on Bloomberg TV from Aspen, Colorado. Automation will affect a wide swath of workers, […]