OTHER NEWS - Dec. 12, 1992
From Times Staff and Wire Reports
Allstate Boosts Hurricane Andrew Losses: Allstate Insurance Co. said it expects to lose $2.5 billion from Hurricane Andrew, or $770 million more than earlier estimates. An initial estimate of $1.73 billion was reflected in the third-quarter results of Allstate’s parent, Sears, Roebuck & Co., which reported an $833.7-million loss in the period largely because of the hurricane damage. Despite the increased loss estimate, “we are a very solid company,” said Wayne E. Hedien, Allstate’s chairman and chief executive.
