By Stephen Nakrosis 
 

Allstate Corp. (ALL) on Wednesday said losses related to California's Camp and Woolsey wildfires in November were estimated at $670 million pre-tax, and also said the company suffered a pension settlement loss of $61 million, pre-tax.

For the month of November, Allstate estimated catastrophe losses of $685 million pre-tax and $541 million after taxes. After taxes, the two California wildfires were estimated to cost $529 million.

Tom Wilson, chairman, president and chief executive of The Allstate Corporation, said: "This year there have been approximately 7,500 wildfires in California, Hurricanes Florence and Michael and a swath of severe weather across the United States, putting our customers in danger and at risk of losing their homes and hard-earned money. We are grateful for the support of first responders and government officials in dealing with these events. It is now time to come up with longer term solutions, such as ensuring power lines are properly maintained, homes have natural fire barriers and building codes reflect increased severe weather."

During the third quarter, Allstate said, it concluded benefit payments from its qualified employee pension plan would exceed a threshold of service and interest cost, resulting in a pension settlement loss of $61 million, pre-tax. Pension settlement losses represent an acceleration of unrecognized pension benefit costs and have no impact on shareholders' equity or book value, the company said.

Based on current market conditions, Allstate said, it expects to record an additional pension settlement loss of $100 million to $125 million, pre-tax, in the fourth quarter of 2018.

--Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

(END) Dow Jones Newswires

December 12, 2018 19:47 ET (00:47 GMT)