Allstate hit by operating loss of $190m
Giant US insurer Allstate has recorded an operating loss of $190m on the back of $1.8bn in disaster losses inlcuding losses from hurricanes Ike and Gustav and falling investments. The company's shares slipped by up to 11% in the wake of the results, falling to $26.23 at time of writing.
"Catastrophes, including two of the ten costliest hurricanes in US history, and the impact of a global financial crisis contributed to a quarterly net loss for our company. In this environment, our
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