Allstate Corp. tumbled for nine straight days, the longest string of losses since 2001, as coverage costs from the deadliest fires in California's history are tallied.
The company seemed to have "out-sized exposure" to the location of the blazes, Wells Fargo & Co. analyst Elyse Greenspan said Thursday in a note to clients. The shares have dropped 11% this month, erasing about $3 billion from the car and home-insurance giant's market capitalization, according to data compiled by Bloomberg.
$529 million hit from Camp & Woolsey wildfires
The Camp and Woolsey fires will cost Allstate $529 million after taxes, the company said on Wednesday. California's insurance commissioner estimates that November's fires will cost insurers a total of $9.05 billion, a figure that could climb as companies process more claims.
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