The Allstate Corp. reported more than $145 million in pretax catastrophe losses in July, thanks mostly to a hurricane and a few other storms. But that was more than offset by subrogation recoveries with PG&E, a California utility that declared bankruptcy after sustaining massive liabilities involving past wildfires.

July catastrophe losses were an estimated $115 million after tax, according to the Illinois-based insurer.

Hurricane Hanna and two severe wind and hail weather events generated about 60 percent of the estimate losses. There were also $29 million pretax ($23 million after-tax) of favorable prior period catastrophe reserve re-estimates not related to cash recovery from PG&E.

Allstate said subrogation recoveries with PG&E led to a catastrophe related income in July of $334 million pretax, or $264 million after tax.

Source: Allstate

Topics California Catastrophe Profit Loss