ALL-PH

Allstate Series H preferred offers income from one of America's largest property and casualty insurance companies. Insurance companies generate 'float' — premiums collected before claims are paid — which provides a massive pool of investable capital. Warren Buffett has called float the engine that powers Berkshire Hathaway, and the same principle applies to Allstate.

Allstate's brand recognition, national distribution network, and disciplined underwriting make it one of the most reliable P&C insurers in America. The company has consistently generated underwriting profits (combined ratios below 100%) and investment income that together provide strong coverage for preferred dividends.

Insurance preferreds like ALL-PH carry climate risk — a series of catastrophic hurricanes or wildfires could strain Allstate's reserves. But the company's reinsurance program and geographic diversification mitigate this risk, and the preferred sits above common equity in the capital structure.