Allstate passes up bailout funds


Six months ago, big insurance companies' refrain when it came to receiving capital injections from the Treasury's Troubled Asset Relief Program (TARP) was "what about us?" For at least two of the half dozen insurers approved last week to receive the balance-sheet stabilizing investments, that's now changed to "thanks, but no thanks."

Allstate (ALL) today joined Ameriprise (AMP) in politely passing on the Treasury's offer of billions of dollars in TARP funds. CEO Thomas J. Wilson said the company's "strong capital and liquidity positions" made them unnecessary.