Allstate

The July deal put the Karfunkel family in line for a payout of more than $1.5bn.

Subrogation recoveries from 2017 and 2018 wildfires put the carrier’s overall July catastrophe bill in credit to the tune of $334mn.

The “empty-street” economy has left auto exposed names in a relatively favorable position, highlighted by a second quarter of strong earnings growth and beats when compared to street estimates.

The move comes amid reduced auto loss frequency due to Covid-19 lockdowns.

The firm’s loss ratio fell 15.9 points to 45%, offsetting premium rebates and lower NII.

The firm repurchased 460,000 shares during the second quarter.

June losses from wind and hail events in Texas, Pennsylvania and Alberta total $181mn.

NatGen’s long-term issuer credit rating has been placed under review, with positive implications, as is customary in such takeovers.

Earlier this week, Allstate announced the $4bn acquisition of National General, the latest step in its efforts to improve its omni-channel presence and compete for market share.

Chris Cole has worked on Allstate deals since the 1990s, when he advised on a raft of asset disposals.

The transaction is expected to raise the insurer's market share to around four percent for business acquired through independent agents.

Major carrier M&A has resumed as the impediments of March's stock market crash and Covid-19 eased, with Allstate striking a deal late yesterday to acquire National General Holdings for $4bn in cash.