HSBC initiated coverage of Allstate with a Hold rating and $145 price target. The analyst started coverage on the U.S. non-life insurers, preferring the commercial segment, saying premium rates are still rising and “savvy risk management can further enhance the risk-reward equation.” For Allstate, organic growth for policies-in-force remains a challenge due to its relatively higher exposure to states with tough regulatory environments, the analyst tells investors in a research note.
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