(Updates with analyst’s comment in the fourth paragraph.)
Feb. 27 (Bloomberg) -- Allstate Corp., the largest publicly traded U.S. home and auto insurer, named Matt Winter to head the division that provides protection for cars and residences as Chief Executive Officer Thomas Wilson reshapes management.
Winter, who previously led the life-insurance unit, will be succeeded in that role by Chief Financial Officer Don Civgin, the Northbrook, Illinois-based company said today in a statement. Steve Shebik will become CFO. Mark LaNeve, a senior executive vice president who had his duties expanded last year to oversee agency operations, resigned for personal reasons, according to the statement.
Wilson, 54, is raising rates for home coverage as he seeks to boost profit at the insurer after tornadoes and Hurricane Irene pressured results last year. In November, he said he expanded the responsibilities of LaNeve and Winter, who was given the task of overseeing property-casualty claims and risk management. Joseph Lacher, an executive overseeing the main auto and home insurance business, left the company in July.
“I would have thought that, being that they never replaced Mr. Lacher, that the senior-management group was already pretty stretched,” Mark Dwelle, an analyst with RBC Capital Markets, said in a phone interview. “It would seem like they could use a little more people, rather than keep just depleting the bench.” He rates the insurer “sector perform.”
Allstate was little changed at $31.37 today in New York. The insurer has declined less than 1 percent in the past year, compared with the 11 percent drop in the 24-company KBW Insurance Index.
--Editors: Dan Reichl, Peter Eichenbaum
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