Allstate
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Earlier today, the insurer updated the spread on the cat bond which has settled at 5.75%, and updated the target price to $300mn-$350mn. -
Allstate increased the target size of the bond to $300mn-$350mn, up from $200mn.
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Sanders Re III will provide coverage for the District of Columbia and all US states apart from Florida.
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Most of the losses, around 80%, were the result of two wind and hail events.
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Investors will have to wait an additional three years for collateral to be returned.
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Allstate reported cat losses of $1bn and $885mn for June and May.
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The downgrades reflect the negative impact of challenging macro-economic trends on underwriting results and risk-adjusted capitalization.
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The carrier’s Florida reinsurance tower’s top layers comprise a total of $450mn in Class A Sanders Re cat bond coverage.
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Nearly $148mn of the unfavorable reserve development was related to National General, primarily driven by personal auto injury coverages.
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The carrier said 70% of the claims stemmed from two wind and hail events.
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The deal will protect against named storm, quake, severe weather event, fire, volcanic eruption or meteorite impact in Florida.
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