updated 5/3/2007 7:14:21 PM ET 2007-05-03T23:14:21

The U.S. Department of Homeland Security intends to subpoena Allstate Corp. and other insurance companies as part of an investigation into Hurricane Katrina claims, the company said Thursday.

Allstate, the second-largest U.S. personal-lines insurer behind State Farm, made the disclosure in a regulatory filing related to homeowners’ claims arising from Katrina. It said it has cooperated with the government’s investigation to date.

Homeland Security is investigating insurers that sell policies under the National Flood Insurance Program, the company said. Spokesman Mike Siemienas said Allstate is just “one of a number of participants” in the program that will be subpoenaed.

Congress last year ordered an investigation into Katrina damage claims after allegations surfaced that some insurers had shifted the financial burden to the government by declaring that flooding, rather than wind, caused the destruction.

An Allstate spokesman did not immediately respond to a request seeking comment.

Allstate shares rose 17 cents to $63.02 Thursday, up 11 percent from a year ago.

Copyright 2007 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


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Data: Latest rates in the US

Home equity rates View rates in your area
Home equity type Today +/- Chart
$30K HELOC FICO 3.79%
$30K home equity loan FICO 4.99%
$75K home equity loan FICO 4.69%
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Low Interest Cards 13.83%
Cash Back Cards 17.80%
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