We knew it would come to passing the hat – that’s the way these state windpools work – and that it would have to be a Texas-sized hat and passed more than once. The results from round one are in and the surprise is Allstate got the short straw and came out owing more than State Farm.
The state’s second-largest home insurer will pay the most in the state windstorm association’s initial round of assessments.
Allstate Insurance Group must fork over $65.5 million to the Texas Windstorm Insurance Association, which sells coverage to coastal homes and businesses that can’t find it elsewhere.
Allstate declined to comment. Continue reading “Texas Windstorm Association passes the cowboy hat to cover Ike”