Allstate Insurance is one of America's largest personal lines insurers, offering a wide range of services. It is the second-largest insurer in the homeowner segment behind State Farm, but was pushed into the #3 spot in auto for the first time in 2013 by rival Geico. Allstate also offers life and commercial insurance as well as retirement and investment products and a growing range of banking services. Like all financial services companies it suffered from the impact of the recession but has been quick to turn around performance during 2009 and 2010. Nevertheless, its status as a shareholder-owned corporation instead of a mutual association has forced it to raise premiums, with an inevitable impact on its market share. It also suffered during 2011 than a higher than usual number of catastrophe payouts.
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The Adbrands Company Profile of Allstate summarises the company's history and current operations and also contains the following brand links:
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Free to all users | see full profile for current activities: The company was founded in 1931 as a wholly owned subsidiary of Sears Roebuck, named after one the best-selling automobile tires in the retailer's catalogue. It specialised in private passenger car insurance, and in a significant break with traditional methods, Allstate introduced banded insurance premiums calculated according to the age of applicants as well as the type of car, and annual mileage. All other insurers later followed suit. In 1950, the company adopted the marketing slogan "You're in good hands with Allstate", which it continues to use to this day. Mid-decade, it began offering residential fire insurance as well, and then life insurance, and added lease finance, mortgage banking and mutual fund management in the early 1960s. Commercial property insurance was introduced in the 1970s, initially under the Northbrook name.
By the early 1980s, Allstate was just one unit of a substantial financial services group within Sears, alongside Coldwell Banker real estate and stock broker Dean Witter. Declining performance in the main retail business, as well as series of huge insurance payouts to cover hurricane damage persuaded Sears to spin off the business. The retail giant issued an IPO of equity in Allstate in 1993 in what was then the largest offering to-date in US history. The business was spun off as an entirely independent entity in 1995. It continued to expand its financial services offering with the launch of Allstate Federal Savings Bank in 1998, as well an alliance a year later with Putnam Investments to offer brokerage.
Longserving chairman Ed Liddy stepped down in 2007 (but was called out of retirement in 2008 to oversee struggling giant AIG). See full profile for current activities
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