The Allstate Corporation (NYSE: ALL) began today’s trading in the red, after it announced estimated catastrophe losses for the month of August of $272 million or $215 million, after-tax, including favorable reserve reestimates for prior period events.
Catastrophe losses for August include 15 events estimated at $306 million, with approximately $75 million related to a hail event in Calgary, Canada. The Calgary hail event estimate includes reinsurance reinstatement premiums and is net of anticipated reinsurance recoveries of $225 million.
Total catastrophe losses for July and August were $814 million or $643 million, after-tax, and total catastrophe losses for August year-to-date were $3.67 billion or $2.90 billion, after-tax.
The company was in the news earlier this week, on announcing it had declared approximately $29.3 million in aggregate dividends on three series of preferred stock for the dividend period from July 15, through Oct. 14. All the preferred dividends are payable in cash on Oct. 15, to stockholders of record at the close of business on Sept. 30.
Shares in “The Good Hands People,” fell 76 cents Thursday morning to $190.25.
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