Allstate
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The bond has also expanded its range to target up to $125mn. -
The bond will provide the carrier with five years’ coverage for named storms across the US excluding Florida.
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The firm disclosed that ex-cat unfavorable prior year reserve reestimates totaled $875mn, of which $643mn were related to its personal auto unit.
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Allstate CFO Mario Rizzo vowed to continue pushing through auto rate increases.
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The company also said it expects a $408mn reserve charge, including $275mn related to personal auto and $91mn recorded for commercial auto.
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The carrier’s below-FHCF layer is 29% unplaced.
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The losses were caused by 14 events, most notably wind and hail in Texas, the Midwest and Canada.
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The second Sanders Re issuance this year takes total cover raised by the insurer to $837.5mn.
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The figure includes around $17mn of unfavorable reserve re-estimates for prior period events.
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The US nationwide has placed $550mn of nat cat risk into the cat bond market already this year.
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The 2022 reinsurance program will support cat losses exceeding $2.5bn, compared to $2bn in the corresponding period last year.
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The company announced net retained catastrophe losses of $462mn.
