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November 12, 2004

Allstate pulls back in Florida

Allstate's chief executive, Edward Liddy, told reporters in New York the company lost $1.06 billion as a result of hurricanes Charley, Frances, Ivan and Jeanne hitting the southern United States, the Associated Press reported. Much of the damaged area was covered by the company's Allstate Floridian unit, the AP said.

Liddy said the hurricanes "wiped out all the profits" the unit had made on its Florida policies since Hurricane Andrew hit the state in 1992, according to the AP.

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Posted by Tom Troceen