Allstate Retreats on Releasing Catastrophe Losses

The Allstate Corporation (NYSE: ALL) began today’s trading in the red, after it announced estimated catastrophe losses for the month of August of $272 million or $215 million, after-tax, including favorable reserve reestimates for prior period events.Catastrophe losses for August include 15 events estimated at $306 million, with approximately $75 million related to a hail event in Calgary, Canada. The Calgary hail event estimate includes reinsurance reinstatement premiums and is net of anticipated reinsurance recoveries of $225 million.Total catastrophe losses for July and August were $814…

Boeing Lays Off Thousands Of Workers As Strike Drags On

Commercial aircraft manufacturer Boeing Co. (BA) has furloughed tens of thousands of employees as a strike by 30,000 machinists drags on and halts the company’s production.Work on Boeing’s 737 MAX, and other aircraft, has been stopped, leading the company to layoff thousands of workers that it says aren’t currently needed. In a staff memo that’s been made public, Boeing chief executive officer (CEO) Kelly Ortberg said: “We are planning for selected employees to take one week of furlough every four weeks on a rolling basis for the duration of the strike.”Boeing has 150,000 employees…