Allstate's August Cat Losses Hit $748M, Two-Month Total $1.43B
ALL sits 36% above its 52-week low of $188.08.
Summary
Allstate reported $748M in estimated August catastrophe losses ($591M after-tax), up from July's $682M. The two-month total now stands at $1.43B, driven by 21 events including a severe wind/hail storm accounting for roughly half of August's losses. This follows a pattern of elevated catastrophe activity, with Q2 losses already at $1.72B. The disclosure comes ahead of Q3 earnings and may pressure underwriting margins, though the company's strong Q2 results and $4B buyback provide some offset.
At the time of this announcement, ALL was trading at $254.85 on NYSE in the Finance sector, with a market capitalization of approximately $64.4B. The 52-week trading range was $188.08 to $277.22. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Seeking Alpha.