New York insurance regulators challenged Allstate's motives for reducing its exposure in the lower half of the state, asking if the company's plans had more to do with its push for a national catastrophe fund than with reallocating its risks.
Executives from Allstate spent close to an hour here last week defending the company's decision before a skeptical panel of regulators led by Insurance Superintendent Howard Mills, who called a public hearing on the status of New York's homeowners market.
Mr. Mills led a barrage of questions, asking the executives: "Is Allstate's action part of a political strategy to build for your 'Protect America' program?" He was referring to an initiative backed by the carrier to establish a federal reinsurance fund for natural disasters.
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