Allstate
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Allstate CFO Mario Rizzo vowed to continue pushing through auto rate increases. -
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.
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The pricing has settled at the mid-to-top end of guidance across the three tranches.
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This is Allstate’s first entry to the cat bond market in 2022.
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The firm’s 2020 edition cat bond has also lost $3.2mn.
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