I’m surprised there was no mention of the hefty investment Allstate made into Next Insurance during this morning’s earnings call (granted it was in the earnings report).
https://www.cnbc.com/amp/2023/11/01/allstate-allianz-invest-265-million-in-next-insurance.html
Yet NEXT Insurance, a US-headquartered, Israeli-founded unicorn, just announced a $265 million strategic investment from Allstate Insurance and Allianz X.
I may have gone to B School some years ago, but if Allstate's primary business (Home and Auto) is losing customers and share why put money, energy or effort into these small borderline niche opportunities? Small Business Insurance? LOL
Incredible.
Let's throw our money at an unprofitable company delving in a very complex sector to underwite (commercial) that does it in a simplified delivery (insuretech).
Tommy Toupee can put his midas touch on to help guide another venture into the loo.
ABI change strategy AGAIN
@1cvp I guarantee that I could sell more girl scout cookies head to head over Tommy Boy. And most people 14 and older could run Allstate better than Tommy Boy.
A lot of armchair CEO’s on this site. I bet you most of these clowns couldn’t sell Girl Scout cookies
Appears that NEXT is in the Commercial space--must we continue to demonstrate our decades long inability to underwrite, price, and handle any type of commercial lines business? Still adding to loss reserves for the failures with the Rideshare business. Can we just demonstrate some type of excellence in our core P&C business? Of course, TW floated all these other businesses (InfoArmor, Avail, Arity, etc) under the guise of being innovative and anticipating the decline in driving and vehicles. Wrong again.
That was a 4th quarter buy. Talking 3rd quarter today.
Here we go again. Lazy executive practices. Instead of fixing the broken and dented mothership let's invest in nonsense to make it look like things are all okay. Smoke and mirrors.
Wash, Rinse, Repeat
See you are next quarter's billion dollar loss!
This company is just nauseating.....
Why is that any concern of yours? Do they need your approval?