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Allstate and Northeast Announce Earthquake Insurance PartnershipA partnership announced by Allstate Insurance Co. and Northeast Agencies Inc. will offset Allstate's earlier decision to discontinue earthquake coverage from their existing homeowner's policies on the grounds of "catastrophic management." The announced partnership would underwrite earthquake specific coverage in nine state lying on a fault line from Ohio to Arkansas.The newly formed partnership will allow Allstate Exclusive Agencies to "shop" for coverage through Northeast Agencies, a third party that functions as an insurance wholesale entity. The arrangement is similar to another in place between Allstate and Northeast to provide coverage for homeowners in the region around New York City. In that region the area in question covers eight counties. Both of these agreements come in response to Allstate's decision in January to stop writing homeowners insurance policies in favoring of upping its percentage of renewals. The move reflects the effect of the disastrous 2005 hurricane season, in particular the effects of Hurricanes Katrina and Rita, on residents of the Gulf Coast and on the insurance industry as a whole. The so-called "hurricane zone" in the U.S. includes the region from the Texas coast over to and around Florida and up the east coast as far as northern Massachusetts. As a consequence of the 2005 storm season, the insurance agency has faced settling millions of dollars in claims and rethinking its underwriting policies in the region. An Allstate spokesman described Northeast as a "managing general agency." Northeast represents several insurance companies and markets the policies they offer to consumers by ways of agents such as those employed by Allstate. The New York region partnership between Allstate and Northeast has been in place for approximately a year. There was no indication regarding the potential of future partnerships between the two companies and Northeast declined to comment on the current arrangements in place. Source : www.bizjournals.com October 5, 2006 |
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