Allstate

The settlement would resolve claims that Allstate defrauded shareholders by underreporting “skyrocketing” auto claims to artificially boost the stock price, which later crashed.

Allstate reported cat losses of $1bn and $885mn for June and May.

On the surface, InsurTech results were better than the noise from incumbents, but caution is needed to ascertain the quality of new business coming in during a time when even industry leaders stumble.

The downgrades reflect the negative impact of challenging macro-economic trends on underwriting results and risk-adjusted capitalization.

In California, the carrier filed for a 35% increase this quarter after implementing a 6.9% rate hike in April.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

The Inside P&C news team runs you through the earnings results for the day.

Q2 cat losses reported by most carriers were significantly higher than a year ago owing to the number of US convective storms and likely higher carrier retentions at reinsurance renewals.

Inside P&C’s news team runs you through the key highlights of the week.

Nearly $148mn of the unfavorable reserve development was related to National General, primarily driven by personal auto injury coverages.

Pricing, catastrophes and rising costs are headwinds for this quarter’s insurer results, but brokers should be buoyed by continued inflation.

Inside P&C’s news team runs you through the key highlights of the week.