Allstate dropping appeal of Calif. auto rate cuts

Newswire

NEW YORK, June 19 (Reuters) - Insurer Allstate Corp on Thursday said it has dropped its bid to fight a reduction on auto policy rates imposed earlier this year by California's insurance regulator. An Allstate spokesman, in an e-mailed statement, said the insurer had filed a motion to dismiss the appeal, citing the "best interest of all parties." Allstate said it has been complying with California Insurance Commissioner Steve Poizner's order to cut rates by 15.9 percent since April. ...

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