The Allstate Corporation (NYSE:ALL) saw a senior executive leave, following which on Monday the shares fell down to nearly 52-Week period low. Further according to some analysts, the pressure was on management to yield results.
Allstate, which is the largest publicly traded U.S. home and auto insurer, swooped down nearly 5.5% to b priced at $27.84, which is its lowest level since August 2010. Further over the past 10 weeks, it declined nearly 15% of its value in the middle of a continuous chain of negative news on disaster losses.
In addition on Monday, the company stated in a brief statement that the president of its Allstate Protection unit, Joseph Lacher, shall depart immediately. All of Allstate’s property and casualty insurance operations were managed by Lacher.
The Company informed that in the absence of Lacher, the heads of the various units earlier under him shall be reported directly to Chief Executive Officer Tom Wilson.
According to analyst Robert Glasspiegel, the Company’s management is currently under the gun to report improved results.
The Allstate Corporation is primarily engaged in the personal property and casualty insurance business, and the life insurance, retirement and investment products business.
At 2:31 PM EDT, on Monday, the shares of the Company are priced at $27.92, down by $1.55 or 5.26% and ranging at $27.68 – $28.84. Over the 52-Week period it ranged at $26.86-$34.40. The market cap of the Company amounted $14.62 billion with price earnings of 11.35. The shares of the Company are already trading above twice the average volume of 3.76 million at 7.90 million.
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