Allstate reports cat losses of $359 million for first quarter

The Allstate Corp. announced Wednesday that its estimated catastrophe losses for the first quarter of this year is $359 million before taxes.

After taxes, that estimate is $233 million for the first quarter, the company said. For March, the company estimates its losses at $198 million before taxes ($129 million after taxes).

Catastrophe losses occurring in the first quarter are from nine events, at an estimated cost of $391 million, pre-tax, that was “partially offset by favorable reserve reestimates of prior year catastrophe losses,” the company said.  

More than half the loss for the quarter was from one severe weather event, Allstate said, but did not specify the event.