Allstate says California wildfires to bring company $1.1 billion in losses

Allstate said the wildfires that blazed through Southern California last month will bring the insurance company a sizable loss. CEO Tom Wilson said in a statement Wednesday that the wildfire-related losses are "expected to be about $1.1 billion, pre-tax, net of reinsurance, reflecting a decision to reduce market share beginning in 2007 and a comprehensive reinsurance program."Allstate’s expected loss from the Los Angeles-area wildfires was disclosed in the insurance company’s fourth-quarter earnings release ...