Allstate (ALL) Estimates Pretax Catastrophe Losses for April at $633M

The Allstate Corporation (NYSE: ALL) announced estimated catastrophe losses for the month of April 2016 of $633 million, pre-tax ($411 million after-tax). Catastrophe losses occurring in April comprised eight events at an estimated cost of $660 million, pre-tax, partially offset by favorable reserve reestimates of prior reported catastrophe losses. One severe hail event that occurred April 10-12, 2016 in the state of Texas accounted for over half of the catastrophe losses for April events. The reserve reestimates primarily relate to lower than anticipated reported claims and severity for March 2016 events and represent a 6% change in the previously reported estimated catastrophe losses for March 2016 events.

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