Thomas Wilson News

Allstate, Prudential Return Cash to Investors

Insurers Allstate Corp. and Prudential Financial announced plans to return cash to shareholders Tuesday with a stock buyback plan and dividend increase, respectively. Prudential’s board approved a 64 percent increase in its annual dividend to $1.15 a share. The No. …

Allstate Operating Income Rises in Q2; Capital Losses Hurt Net Income

The Allstate Corp., headquartered in Northbrook, Ill., reported that second quarter 2010 operating income rose to $441 million compared to $297 million in the same period of 2009, reflecting improved results in both property/liability and Allstate Financial. Net income was …

P/C Executives to Dodd: Don’t Shift Risky Firms’ Costs to Insurers

Property/casualty insurance companies, which already pay into state guaranty funds to backup claims of their insolvent peers, don’t want to have to also pay into a federal fund to cover failures of larger and riskier financial services firms. Leading p/c …

Lacher to Head Allstate’s P/C Division

The Allstate Corp. has named Joseph P. Lacher, Jr., 40, as president of Allstate Protection, effective November 30, 2009. He will lead all of Allstate’s property and casualty offerings, “serving over 17 million American households,” said the bulletin. He will …

Business Moves

AIG American International Group agreed to sell its prime real estate holding in Tokyo for approximately $1.2 billion in cash to Nippon Life Insurance Co. The property consists of one acre of land on which The AIG Otemachi Building in …

Allstate Declines TARP Bailout Funds

Allstate Corp., the largest publicly-traded U.S. home and auto insurer, said it will not take funds from the government’s Troubled Asset Relief Program, after winning eligibility last week to do so. Chief Executive Thomas Wilson said on Tuesday the Northbrook, …

Allstate Posts 9% Decline in Profit for 2008; Combined Ratio at 99.4%

Allstate reported consolidated revenues were $6.6 billion in the fourth quarter of 2008 and $29.4 billion for the 2008 year, a 9 percent drop from the previous year. The decrease in revenue of $2.4 billion and $7.4 billion for the …

Allstate Posts $923M Net Loss for Q3

Catastrophe losses and the global financial crisis contributed to a $923 million net loss for the third quarter of 2008, which reflects an operating loss of $190 million and net realized capital losses of $728 million, The Allstate Corp. reported. …

Allstate 4Q Profit Falls 37% as Calif. Wildfire Losses Top $300M

Hit by an increase in catastrophe losses, Northbrook, Ill.-based insurer Allstate Corp. saw its profit drop by more than 37 percent in the fourth quarter of 2007 compared to the same period in 2006. The fourth quarter net income of …

Executives See Only Moderate Growth for P/C Industry in 2008

Property casualty insurance insiders predicted 2008 will be a year of marginal growth as continued pricing competition will keep premiums low and profits lower — although that could quickly worsen if a natural catastrophe strikes. Those predictions — which follow …