UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

 

 

Date of Report (Date of earliest event reported): February 18, 2014

 

 

THE ALLSTATE CORPORATION

(Exact name of registrant as specified in its charter)

 

 

Delaware

 

1-11840

 

36-3871531

(State or other

 

(Commission

 

(IRS Employer

jurisdiction of
incorporation)

 

File Number)

 

Identification No.)

 

 

2775 Sanders Road, Northbrook, Illinois   60062

 (Address of principal executive offices)    (Zip Code)

 

 

Registrant’s   telephone   number,   including  area  code: (847) 402-5000

 

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

[   ]       Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

[   ]       Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

[   ]       Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

[   ]       Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 



 

Section 5 - Corporate Governance and Management

 

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

 

On February 19, 2014, the Registrant announced that Siddharth N. (Bobby) Mehta had been elected to its Board of Directors effective February 18, 2014.  The Board has not yet determined Mr. Mehta’s committee assignments.  Mr. Mehta’s compensation will be consistent with the Registrant’s previously disclosed standard compensatory arrangements for non-employee directors, which are described in the Registrant’s most recent proxy statement filed with the Securities and Exchange Commission on April 10, 2013, file number 001-11840, under the heading “Director Compensation.”  Mr. Mehta’s compensation will be prorated to reflect the commencement date of his Board service.  In addition, the Registrant expects to enter into an indemnification agreement with Mr. Mehta in substantially the form filed as Exhibit 10.2 to its quarterly report on Form 10-Q for the quarter ended June 30, 2007.  A copy of the press release announcing Mr. Mehta’s election is attached as Exhibit 99.1 to this report.

 

Section 7 – Regulation FD

 

Item 7.01.  Regulation FD Disclosure.

 

On February 20, 2014, the Registrant issued a press release announcing its estimated catastrophe losses for January 2014.  A copy of the press release is attached hereto as Exhibit 99.2 and is incorporated herein by reference.  The press release is furnished and not filed pursuant to Instruction B.2 of Form 8-K.

 

Section 9 – Financial Statements and Exhibits

 

Item 9.01.       Financial Statements and Exhibits.

 

(d)       Exhibits

 

Exhibit No.                             Description

 

99.1                                                                                                                                                                    Registrant’s press release dated February 19, 2014.

 

99.2                                                                                                                                                                    Registrant’s press release dated February 20, 2014.   The press release is furnished and not filed, pursuant to Instruction B.2 of Form 8-K.

 

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SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

THE ALLSTATE CORPORATION

 

(Registrant)

 

 

 

 

 

 

 

By:

 /s/

Jennifer M. Hager

 

Name:

Jennifer M. Hager

 

Title:

Vice President, Assistant General Counsel

 

 

and Assistant Secretary

 

 

 

 

 

 

Date: February 20, 2014

 

 

 

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Exhibit 99.1

NEWS

 

FOR IMMEDIATE RELEASE

 

Contact:          Maryellen Thielen

(847) 402-5600

 

Allstate Elects Siddharth N. (Bobby) Mehta to Board

 

NORTHBROOK, Ill., February 19, 2014 – The Allstate Corporation (NYSE: ALL) announced that Siddharth N. (Bobby) Mehta, 56, former chief executive officer of TransUnion LLC, has been elected to its board of directors, effective immediately.

 

“We’re thrilled Bobby is joining the board, and look forward to benefiting from his successful experience in the data/analytics and financial services industries,” said Thomas J. Wilson, chairman, president and chief executive officer. “Bobby will also expand our capabilities in overseeing a technology-driven, customer-focused strategy.”

 

“Joining Allstate’s board provides an opportunity to work with a highly productive team that focuses on creating shareholder value,” said Mehta. “Allstate’s differentiated customer-focused strategy will drive growth and the focus on operating performance will ensure its benefits are realized by shareholders.”

 

Mehta was president and chief executive officer of TransUnion LLC, a leading global provider of information and risk management solutions to businesses and consumers, from 2007 through 2012. From 1998 to 2007, Mehta held a variety of positions with HSBC Finance Corporation and HSBC North America Holdings, Inc., including as chairman and CEO of HSBC Finance Corporation and HSBC North American Holdings, Inc. Mehta holds a bachelor’s degree in economics from the London School of Economics and an MBA from the University of Chicago. He currently serves on the boards of Piramal Enterprises Ltd., TransUnion LLC, Datacard, Chicago Public Education Fund, The Field Museum and Myelin Repair Foundation.

 

The Allstate Corporation (NYSE: ALL) is the nation’s largest publicly held personal lines insurer, serving approximately 16 million households through its Allstate, Encompass, Esurance and Answer Financial brand names and Allstate Financial business segment. Allstate branded insurance products (auto, home, life and retirement) and services are offered through Allstate agencies, independent agencies, and Allstate exclusive financial representatives, as well as via www.allstate.com, www.allstate.com/financial and 1-800 Allstate®, and are widely known through the slogan “You’re In Good Hands With Allstate®.” In 2013, $29 million was given by The Allstate Foundation, Allstate, its employees and agency owners to support local communities. Allstate employees and agency owners donated 200,000 hours of service across the country.

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Exhibit 99.2

 

 

NEWS

 

FOR IMMEDIATE RELEASE

 

Contacts:

 

Maryellen Thielen

Robert Block

Media Relations

Pat Macellaro

(847) 402-5600

Investor Relations

 

(847) 402-2800

 

Allstate Announces January Catastrophe Loss Estimate

 

NORTHBROOK, Ill., February 20, 2014 – The Allstate Corporation (NYSE: ALL) today announced estimated catastrophe losses for the month of January 2014 of $277 million, pre-tax ($180 million after-tax). Catastrophe losses occurring in January comprised six events at an estimated cost of $271 million, pre-tax, plus unfavorable reserve reestimates of prior reported catastrophe losses. One of the events met the definition of a winter freeze catastrophe in one region of the country but not in other regions due to the amount of claim counts. Non-catastrophe losses in these other regions were $39 million, pre-tax, which will be reflected primarily in the homeowners combined ratio and the homeowners underlying combined ratio that excludes catastrophe losses and prior year reserve reestimates.

 

A “catastrophe” is defined as an event that produces pre-tax losses before reinsurance in excess of $1 million and involves multiple first party policyholders, or an event that produces a number of claims in excess of a preset, per-event threshold of average claims in a specific area, occurring within a certain amount of time following the event. As a result, catastrophe losses as broken out in underwriting results will not always include all of the frequency and severity impacts of severe weather from an event or increased auto physical damage losses.

 

The Allstate Corporation (NYSE: ALL) is the nation’s largest publicly held personal lines insurer, serving approximately 16 million households through its Allstate, Encompass, Esurance and Answer Financial brand names and Allstate Financial business segment. Allstate branded insurance products (auto, home, life and retirement) and services are offered through Allstate agencies, independent agencies, and Allstate exclusive financial representatives, as well as via www.allstate.com, www.allstate.com/financial and 1-800 Allstate®, and are widely known through the slogan “You’re In Good Hands With Allstate®.

 

Forward-Looking Statements and Risk Factors

This news release contains forward-looking statements about catastrophe losses. These statements are based on our estimates and assumptions that are subject to uncertainty. These statements are made subject to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Management believes the estimated impact of catastrophe losses, including net loss reserves, are appropriately established and recorded based on available facts, information, laws and regulations. However, actual results may differ materially from those projected in the forward-looking statements in this news release and from the amounts currently recorded for a variety of reasons, including the following:

·                  Our policyholders’ ability to report and our ability to adjust claims have been impeded by the extent of the devastation and the number of areas affected.

·                  It is particularly difficult to assess the extent of damage in the initial stages of adjusting residential property losses.

·                  Our estimate for the ultimate costs of repairs may not prove to be correct because of increased demand for services and supplies in the areas affected by the catastrophes.

·                  The number of incurred but not reported (IBNR) claims may be greater or less than currently anticipated.

We assume no obligation to update any forward-looking statements as a result of new information or future events or developments.

 

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