Allstate

The deal will generate proceeds of more than $1.5bn for the Karfunkel family and including a dividend is pitched at 69 percent more than Tuesday's close.

Four severe weather events in Texas and the Midwest generate about 80 percent of the claims.

Media reports suggested Allstate is preparing to lay off potentially thousands of its employees.

Allstate has extended its 15% premium rebate by a month. Notably, a few other companies have also added to their original rebates including State Farm, USAA and American Family.

More than half the losses came from two major wind and hail storms.

The “empty-street” economy has left auto-exposed names in a relatively favorable position – so much so that they have been returning premiums to clients.

Two of the largest carriers’ Q1 calls highlighted significant declines in miles driven and accident frequency, in line with our previous findings.

In the quarter, Allstate’s 15% premium refund contributed 2.4pts to its headline combined ratio.

The insurer added $121mn to its catastrophe treaty, covering it for up to $5bn of losses.

Yesterday, National General discussed Q1 results which included operating EPS of $0.91, up 18.2% YoY, and a headline combined ratio of 87.8% compared with 89% last year.

Kemper today become the latest carrier to announce a partial refund for customers.

Yesterday, Allstate and American Family announced a plan to partially refund personal auto premiums. We expect these to be the opening bids in a protracted battle with regulators.