ALLSTATE INSURANCE COMPANY LOGOAllstate said it got hit with $202 million in pre-tax catastrophe losses in May, generated from eight separate events.

The cost actually reached $259 million, but favorable reserve re-estimates for March and April 2016 events helped reduce that number to $202 million.

After tax, the number came in at $131 million.

In April, the property/casualty insurer dealt with a whopping $633 million in estimated pre-tax catastrophe losses, more than half of which stemmed from three days of severe hailstorms in Texas. Hailstorms hit the state from April 10-12.

In Allstate’s 2016 first quarter, pre-tax catastrophe losses landed at $827 million, also due to Texas storms – particularly from two severe hail events in March.

The insurer’s 2016 second-quarter conference call is tentatively scheduled for Aug. 4.

Allstate is the nation’s largest publicly held personal lines insurer.

Source: Allstate

Topics Catastrophe Profit Loss