Allstate announced August 18 that Glenn Shapiro, president, Property-Liability, has decided to retire at the end of September. He joined Allstate as chief claims officer in 2016 and has held his current position since 2018.
Current chief financial officer Mario Rizzo will take over as president, Property-Liability, on Sept. 1. Rizzo joined Allstate 33 years ago and has held a number of roles, Allstate said.
Jess Merten will move up to assume the CFO role, also on Sept. 1. Merten joined Allstate in 2012 as CFO of Allstate Financial, and subsequently held the roles of treasurer, chief risk officer and president of Allstate Financial.
“Allstate’s leadership team is aligned on building a purpose-driven company that serves customers, employees, shareholders and communities, which makes leadership transitions seamless,” said Tom Wilson, CEO of The Allstate Corporation.
“Glenn is an exceptional leader who expanded property-liability distribution, significantly lowered costs to provide greater value to customers and advanced our digital transformation,” Wilson noted. “Mario’s leadership capabilities and breadth of experience during his 33 years at Allstate will ensure that this momentum is maintained. Jess is ideally suited to be the chief financial officer, with success in multiple financial roles and most recently leading Allstate Financial and the divestiture of the life and annuity businesses.”
July Catastrophe Losses
Also on August 18, Allstate said it incurred $223 million in catastrophe losses for July. There were 12 events during July – primarily wind and hail, that were geographically widespread. Losses were partially offset by favorable reserve reestimates for prior period events.
In the announcement, Mario Rizzo, soon-to-be president of Property-Liability. said the insurer will “continue to implement significant rate actions in the second half of 2022 in response to inflationary increases to auto insurance severities.”
Allstate said it carried out rate increases of 8.9% across 6 locations. Since the start of 2022, Rizzo said Allstate has implemented 64 rate increases with an average of about 9% across 51 locations.
“Allstate brand implemented auto rate increases totaled $240 million in the month of July, after implementing $1.5 billion in the previous two quarters,” said Rizzo.
Topics Property
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