Allstate expects January cat losses of $277 million

Allstate Corp. expects a pre-tax catastrophe loss of $277 million in January, the insurer said Thursday.

The estimate totals $180 million after-tax. Catastrophe losses in January were made up of six events at an estimated cost of $271 million, pre-tax, plus unfavorable reserve reestimates of prior reported catastrophe losses, Allstate said.

“One of the events met the definition of a winter freeze catastrophe in one region of the country but not in other regions due to the amount of claim counts,” the company’s statement noted.

“Non-catastrophe losses in these other regions were $39 million, pre-tax, which will be reflected primarily in the homeowners combined ratio and the homeowners underlying combined ratio that excludes catastrophe losses and prior year reserve reestimates.”