Allstate provides update on pending October catastrophe loss estimate The Allstate Corporation announced that estimated catastrophe losses for the month of October will exceed $150M, but an estimate cannot be made at this time. The company's practice is to release an estimate of monthly catastrophe losses on the third Thursday following month-end when the amount exceeds $150M. Allstate will issue a catastrophe loss estimate for October when losses from Sandy can be estimated.
Allstate weakness creates compelling opportunity, says Bernstein Bernstein says that Allstate's stock has dropped due to the rising frequency of auto accidents this year. However, the firm says that the selloff has given investors the opportunity to buy "a high-quality, defensive franchise at a bargain price." Bernstein recommends aggressively buying the shares on weakness.