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The Allstate Corporation Message Board

  • kidney_stoned kidney_stoned Aug 18, 2011 11:47 PM Flag

    FOREVER YOUNG

    •Allstate exec Young leaves Encompass unit

    May the good Lord be with you
    Down every road you roam

    And may sunshine and happiness
    surround you when you're far from home

    And may you grow to be proud
    Dignified and true

    And do unto others
    As you'd have done to you

    Be courageous and be brave
    And in my heart you'll always stay

    Forever Young, Forever Young
    Forever Young, Forever Young

    Allstate exec Young leaves Encompass unit
    By: Steve Daniels
    August 18, 2011

    (Crain's) — The president of Allstate Corp.’s unit that sells through independent agents has departed.


    A replacement for Cynthia Young, president of Allstate’s Encompass Insurance since the beginning of 2006, will be named in coming weeks, a spokeswoman confirmed.


    “We continue our commitment to the independent agency channel,” the spokeswoman said.


    Ms. Young joined Allstate in late 2005 from Worceter, Mass.-based Allmerica Financial Corp., where she oversaw personal insurance lines.


    “We wish her the best,” the Allstate spokeswoman said.


    During her time, Encompass has shrunk significantly as Allstate has struggled to sell through outside agents, who work with numerous insurers to find the best deals for their customers.

    In 2010, Encompass accounted for just 4% of Allstate’s total premiums, down from7% in 2006. The vast majority of Allstate’s revenues come from its network of 12,000 Allstate agents.


    Encompass collected $1.1 billion in premiums in 2010, down 44% from $1.96 billion in 2006.


    Ms. Young’s departure follows the abrupt exit of Joseph Lacher, president of Allstate’s property and casualty insurance unit. He came less than two years ago from Travelers Corp. and had built his reputation in the industry from his success selling through independent agents. He left in July, and his departure was tied to disparaging comments he made about Allstate CEO Thomas Wilson to a group of agents following a formal conference in May.

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