Allstate on Wednesday dropped its appeal of a mandated 15.9 percent cut in auto insurance rates that was ordered by California Insurance Commissioner Steve Poizner in March.
According to the commissioner, the rate reduction creates a $250 million savings for policyholders.
Allstate in April had sought a stay of the rate cuts, but it was denied by Superior Court Judge Peter Busch in San Francisco, and Mr. Poizner called the ruling "a $250 million victory for consumers in California and for Allstate customers."
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