Catastrophes and declining investments led to a 194 percent loss in third quarter net income at Allstate Corp., but the company's chief executive said it could have been much worse if the company had not acted to mitigate losses.
Speaking during a financial analyst's call today, Thomas J. Wilson, president and chief executive officer for the Northbrook, Ill.-based insurer, said despite a well performing property-casualty book of business, the company suffered significant losses from what are expected to become two of the top 10 most expensive hurricane events.
He also noted the company has made significant adjustments to its investment book reducing holdings that are money losers.
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