Allstate Expects Q1 Catastrophe Losses Of About $508 Million

By Ciara Linnane Markets MarketWatch Pulse

Insurer The Allstate Corp. said Thursday it expects first-quarter catastophe losses to come to about $508 million on a net basis, based on a pretax estimate of $781 million. The company said the estimate is based on the 28 events that occurred in the quarter at an estimated pretax cost of $777 million. "One severe hail event, primarily affecting the state of Texas in March, accounted for over one-third of the catastrophe losses for the quarter," The company said. Allstate will provide final first-quarter numbers on May 2. Shares were not yet active in premarket trade, but are up almost 8% in 2017, while the S&P 500 has gained 4.4%.

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