Allstate

The carrier also expects to close Allstate Life Insurance sale to Blackstone-backed Everlake later this year.

It said the hurricane would cost it $1.4bn of gross losses, with just over half going to reinsurers.

Ida soaks the tri-state – and has the potential to affect personal auto carriers more than comparable storms of the past.

The Inside P&C Select Index outperformed the S&P 500 (5.7% to 2.9%) in August, despite Hurricane Ida making landfall.

A complex web of factors are creating uncertainty around the likely insured loss, but much early discussion centers on a $20bn-$25bn range.

With predicted $20bn in losses, KBW doesn’t see meaningful change to the rate increase trajectory.

Texas’s objection to Progressive’s recent rate filings garnered attention, calling rates “excessive” and suggesting rebates instead.

The newcomers are finding it more difficult to disrupt the sector than they had expected.

The accelerated repurchase agreement is a part of Allstate’s $5bn buyback program, which was announced in early August.

Excluding prior-period reserve charges, the Illinois-based company estimated total cat losses at $211mn from 18 events.

The company’s combined ratio rose by 5.9 points to 95.7%, as lower second quarter catastrophes and a better expense ratio helped mitigate the impact of the higher attritional loss activity.

While the pandemic offered some relief to commercial auto insurers, maintaining margins will be tricky to achieve given rate moderation.