Inside these posts: Tom Wilson

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Allstate justifies Wilson’s pay as it prepares for proxy vote

From Bloomberg News | Northbrook-based insurer Allstate told a proxy advisory firm that Chief Executive Officer Thomas Wilson’s pay last year was justified as it braced for a vote on compensation.

Allstate CEO Tom Wilson sees compensation fall

Allstate CEO Tom Wilson. (2010 handout photo)

Allstate Corp. cut compensation for Chief Executive Tom Wilson by 11 percent to $9.3 million for 2010 as the insurer paid nothing under a bonus plan that measures performance over a three-year period.

The company also missed seven of 12 targets set up to gauge executive performance last year, and a separate one-year bonus was less than the target amount set by the compensation committee of Allstate’s board of directors. Still, the one-year bonus rose 12 percent from the year-earlier payout as results improved at Allstate’s life insurance operation. Get the full story »

Allstate rates rise; patience with execs runs thin

Allstate CEO Tom Wilson in 2008. (Alex Garcia/Chicago Tribune)

The average homeowners’ premium for Allstate Corp. customers rose by 7.1 percent in 2010, and Chief Executive Tom Wilson said Thursday that “you should expect to see it go up” in 2011 as well.

Wilson made the remark during an hour-long conference call with analysts and investors. He discussed the Northbrook-based auto and home insurer’s fourth-quarter results, which fell short of expectations. On a day when the wider markets were basically flat, Allstate stock closed down 3.6 percent to $31.20 a share, making it the day’s worst local stock performer.

Some analysts are becoming increasingly frustrated with Allstate’s management. Get the full story »

Allstate to shrink hedging program

Insurer Allstate Corp. plans to reduce the size of a hedging program designed to protect its $100 billion investment portfolio from steep declines.

The insurer spent “over several hundred million dollars” on the hedges in 2010 to shield the portfolio from sharp interest rate increases or a substantial drop in equities, Chief Executive Tom Wilson said on a conference call with analysts and investors Thursday. Get the full story »

Allstate tumbles after 3Q earnings miss estimates

Allstate Corp.’s shares tumbled in late trading after the insurer’s third-quarter profit missed analyst estimates.

Operating earnings of $452 million, or 83 cents a share, were down 16 percent from the same period a year earlier as Allstate’s homeowners unit reported an underwriting loss on costs tied to settling a class-action lawsuit. Analysts surveyed by Thomson Reuters had expected an operating profit of 98 cents a share. Get the full story »

Notebook: Credit cards with the clearest terms

Capital One and Bank of America are the most up-front about the interest rates, fees and rewards on their credit cards, according to a new study by credit card research Web site

Sure, most card applications spell out all the terms in the fine print, but most consumers lack the patience to read the tiny disclosures.

Capital One and Bank of America ranked highest among 10 issuers in clarity on their applications, with scores of 96.4 percent and 95 percent, respectively. Get the full story »

Allstate CEO worried about municipal debt

From Bloomberg News | Allstate Corp. Chief Executive Officer Thomas Wilson said he believes “government borrowing is way out of control” and prompt declines in the value of municipal bonds, a major component of Allstate’s holdings. In the last three quarters, Allstate has cut its municipal holdings, which now total about $20.1 billion.