Allstate

Investor skepticism visible in stock prices and short interest data over first half of 2024.

This takes pre-tax year-to-date cat losses to $2.62bn.

MGAs outpaced the P&C industry for years, but growth has begun to stagnate.

Changes in investment strategy and strong results show carriers can weather financial storms.

This takes pre-tax cat losses for the calendar year to $1.23bn

This follows February’s cat losses coming in below the $150mn reporting threshold.

This follows January pre-tax cat losses of $276mn.

Two events comprised approximately 80% of the losses.

The carrier expects to "get smaller in New Jersey" due to lack of rate adequacy.

Insurance Insider US runs you through the earnings results for the day.

Unfavorable prior year reserve re-estimates, excluding catastrophes, totaled $199mn in Q4, with approximately $148mn related to personal auto, including costs for litigation claims.

For the month of November, Allstate brand’s auto rate increases totaled $262mn, after implementing $517mn and $1.49bn of rate increases in Q3 and Q2, respectively.