S&P goes negative on Allstate on cats, acquisitions and capital management
Standard & Poor's (S&P) has put the ratings of Allstate on negative outlook, citing deteriorating capital adequacy from the insurer's heavy cat load, its acquisitions of Esurance and Answer Financial, and its 'aggressive' share repurchase and dividend strategy.
The firm warned that Allstate's competitive position is weaker and will be further pressured as it "manages complex catastrophe and credit risks with a weaker capital base".
The ratings agency revised the outlook from stable to negative on the A- counterparty credit,...
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