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Catastrophe losses in April and May could end up costing Allstate Corp. $2 billion, according to the company’s most recent estimate.

Allstate unveiled plans to revamp its distribution channels and its business strategy to grow its property and casualty business, but the executive director of the company’s agents’ association has criticized the plans.

Allstate says it has the bases covered in its insurance distribution channel and is planning to revamp its business strategy to grow its property and casualty business for the future.

Home and auto insurer Allstate is buying Esurance and Answer Financial from White Mountains Insurance for about $1 billion.

Insurer Allstate Corp. gave its CEO a pay package in 2010 that was worth $8.6 million, a cut of about 8 percent from 2009, according to a company filing made Wednesday with the Securities and Exchange Commission.

Allstate Insurance Company has filed its fifth lawsuit in New York against a bank over investment losses on residential mortgage-backed securities.

Allstate Corp. has filed another lawsuit related to mortgage-backed securities in an attempt to get back what the insurer thinks it is owed.

Recent statistics show declines in securities lawsuits relating to the subprime mortgage crisis, but directors and officers liability insurers should brace for more such cases in 2011, a plaintiffs’ attorney warned late last month.