Katrina Coverage

From this:

Allstate, the largest publicly traded homeowners and auto insurer in the U.S., said it plans to scale back its exposure to the Gulf Coast homeowner's market following the devastation of hurricanes Katrina and Rita this summer.

Speaking at the company's third quarter earnings conference call with analysts earlier Thursday, Chief Executive Edward Liddy said Allstate would continue to provide assistance to those affected by the deadly hurricanes but would curb its exposure, a company spokeswoman confirmed. Liddy didn't provide an estimate of how much the company would scale back in the region.

The news came as Allstate, which had not previously disclosed its losses from hurricanes, said hurricanes Katrina and Rita triggered over $3 billion of catastrophe payouts in the quarter, up almost $2 billion from the same quarter last year. The company slashed its full-year operating profit target to between $2.35 and $2.50 per share from an earlier range of $6 to $6.40 a share as a result of the hurricanes…

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