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Allstate gives McKinsey documents to regulator
Allstate Corp., the nation's largest publicly traded home and auto insurer, has turned over material it considers trade secrets to the Florida regulator trying to bar the company from selling new policies in the state.
The Northbrook-based insurer provided documents from consultant McKinsey & Co. related to claims processing, company spokesman Adam Shores said Thursday. The records were subpoenaed along with other files last year by Florida Insurance Commissioner Kevin McCarty.
"We are supplying documents to the Office of Insurance Regulation on a weekly basis, and we intend to continue doing this until they are satisfied," Shores said.
Last week, McCarty barred Allstate from writing new policies in the state because he said the company hadn't complied with the subpoena. That suspension was overturned by a Florida court Jan. 18, and the commissioner is seeking to reinstate it. McCarty is investigating possible collusion in the insurance industry.
Lawyers for the commissioner received the latest batch of documents from Allstate on Wednesday and are reviewing them, Tom Zutell, a spokesman for McCarty's office, said Thursday. The commissioner won't withdraw his efforts to reinstate the company's suspension, he said.
"It changes nothing" because McCarty still isn't satisfied with the insurer's level of cooperation, Zutell said.
Florida is trying to lower home insurance rates that soared after record hurricane seasons in 2004 and 2005. Allstate has been shedding residential customers in Florida since 2004 while expanding its auto business in the state, which accounts for about 10 percent of its car policy sales.
The documents won't be released to the public during the investigation, said Ed Domansky, another spokesman for the insurance office. If Allstate wants to prevent the publication of the records at the end of the probe, itmight have to convince a court they are trade secrets, he said.
McKinsey produced about 13,000 pages of documents for Allstate in the 1990s as it developed methods for the insurer to become more profitable by paying less in claims, according to videotaped evidence presented in Fayette Circuit Court in Lexington, Ky., in a civil case involving a 1997 car accident.
Source: Bloomberg News
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