Exclusive-Activist hedge fund Trian targets insurer Allstate-sources
© Reuters. Nelson Peltz founding partner of Trian Fund Management LP. speak at the WSJD Live conference in Laguna Beach, California October 25, 2016. REUTERS/Mike Blake/File photo), one of the insurers struggling to cope with the fallout of natural disasters such as the Maui wildfire in Hawaii, people familiar with the matter said.
Allstate has hired investment bankers to advise it on how to handle Trian, the sources said. Trian's exact stake and plans for Allstate could not be learned. Allstate shares jumped 6% on the news to $127.46 in Monday trading in New York. Prior to news of Trian's involvement, Allstate's stock price had dropped 9% year-to-date, significantly underperforming a 4% rise in theLike many insurers, Allstate has not raised its premiums fast enough to cover losses it incurs by paying out on big natural disasters such as wildfires, while inflation has also made it harder for it to cover replacement costs.
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