Allstate

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.

Catastrophe losses for the month fell to $195mn, a sharp drop from the prior year’s $752mn.

Following strong year-to-date performance, P&C stocks were down in June after a change of tone in a Fed meeting.

Travelers, Liberty Mutual, State Farm and Allstate announced suspension of donations in January, but have now re-started financial backing for elected officials.

The personal lines giant's best approach to growth may be sticking to its proven strengths.

The executive pointed out to attendees that the cost differences between direct-to-consumer tech platforms and an agency force need to be weighed against different levels of service.

The figure was significantly down on the prior month’s $544mn, and also came in 39% below the year-ago loss tally.