-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, NFxEYaQ++gIyx7YyqvjSSOHLuzL0a1uxV9VizyoFk3DG7WTvT2B59duRTOgk+fKk /2q7jAZg06TL73WGCKvUjg== 0000899051-96-000011.txt : 19961028 0000899051-96-000011.hdr.sgml : 19961028 ACCESSION NUMBER: 0000899051-96-000011 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19960930 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19961001 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: ALLSTATE CORP CENTRAL INDEX KEY: 0000899051 STANDARD INDUSTRIAL CLASSIFICATION: 6331 IRS NUMBER: 363871531 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-11840 FILM NUMBER: 96637421 BUSINESS ADDRESS: STREET 1: ALLSTATE PLZ CITY: NORTHBROOK STATE: IL ZIP: 60062 BUSINESS PHONE: 7084026075 MAIL ADDRESS: STREET 1: 1209 ORANGE STREET CITY: NEW CASTLE COUNTY STATE: DE ZIP: 19801 8-K 1 THE ALLSTATE CORPORATION SECURITIES AND EXCHANGE COMMISSION Washington, D.C. --------------------- FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of report (Date of earliest event reported) September 30, 1996 The Allstate Corporation (Exact Name of Registrant as Specified in Charter) Delaware 1-11840 36-3871531 (State or Other (Commission (IRS Employer Jurisdiction of File Number) Identification Incorporation) Number) Allstate Plaza, Northbrook, Illinois 60062 (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code (847) 402-6075 Page 1 of 6 Exhibit Index at page 4 Item 5. Other Events ------------ On September 30, 1996, the Registrant issued the press release attached hereto as Exhibit 99. Item 7. Financial Statements and Exhibits --------------------------------- (c) Exhibits Exhibit No. Description - - ---------- ------------ 99 Registrant's press release dated September 30, 1996. Page 2 of 6 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. THE ALLSTATE CORPORATION By /s/ Samuel H. Pilch -------------------- Name: Samuel H. Pilch Title: Controller September 30, 1996 Page 3 of 6 Index to Exhibits ----------------- Sequential Page Number Description Number - - ------ ----------- ------ 99 Registrant's press release dated 5 September 30, 1996 Page 4 of 6 Allstate Insurance Company Exhibit No. 99 NEWS FOR MORE INFORMATION Kathleen Hogan 847-402-5600 FOR IMMEDIATE RELEASE ALLSTATE TO RESUME SELLING PROPERTY INSURANCE IN CALIFORNIA NORTHBROOK, Ill., September 30, 1996 -- Allstate Insurance Company announced today that it will soon resume normal business operations in California -- including the sale of property insurance - - as a result of the passage of the California Earthquake Authority (CEA). The CEA legislation, signed by the governor on Friday, will open up the property insurance market for Californians, and allow insurance companies such as Allstate to resume its position in the California homeowners marketplace. "This is a win-win for our customers, employees, agents and for insurers in California," said Jerry D. Choate, Chairman and Chief Executive Officer of Allstate. "In fact, this legislation helps anyone trying to purchase homeowners insurance in the state, furthering the rebound of California's economy." The passage of the CEA and resumption of the sale of property insurance in California follows the company's announcement this summer to reorganize its property operations in Florida, another catastrophe- prone area of the country. Once these actions are fully implemented, Allstate will be close to achieving its stated goal of reducing catastrophe exposure to the $1-billion range with a one percent probability per event. Allstate's catastrophe exposure management initiatives in California and Florida have been the company's highest priority in the past several years. Allstate has been working with regulatory officials and the legislature in California to find ways to reduce exposure while providing uninterrupted coverage for its customers. Page 5 of 6 CEA Passes Page 2 "Commissioner Quackenbush and the California Legislature, under the bi-partisan leadership of Senators William Lockyer and Assemblymen Curt Pringle and David Knowles, shoud be applauded for finding this solution, which will revitalize and bring stability to the property insurance marketplace in California. Without their effort and dedication, the homeowners insurance crisis would have been greatly exacerbated," said Choate. The CEA will become operational when at least 70 percent of the state's residential property insurance market agrees to participate and the necessary commitments from reinsurers are obtained. The Department of Insurance has said it expects the CEA to be selling policies by December 1. Allstate has officially declared its intention to participate in the CEA and will reflect the $150 million initial payment to the CEA in its third quarter earnings report. The exact date of Allstate's business resumption has yet to be announced. Allstate would also be obligated to pay additional assessments of approximately $750 million, in the event that the initial capitalization and retained earnings of the CEA are exhausted by claim payments. While management believes that this action has reduced the company's exposure to catastrophes in California, the extent of future reduction is uncertain. Allstate Insurance Company is the nation's second largest personal lines insurance company, insuring one of every eight homes and automobiles in the country. The company provides insurance for more than 20 million customers and has approximately 15,000 full-time agents in the U.S. and Canada. Allstate is also a major life insurer. # # # Page 6 of 6 -----END PRIVACY-ENHANCED MESSAGE-----