Allstate
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The figure was significantly down on the prior month’s $544mn, and also came in 39% below the year-ago loss tally. -
The deal’s spread settled at 350 basis points, down 12.5% from its initial mid-point target.
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The insurer is seeking occurrence cover on the latest deal after notifying investors of a recent aggregate cat bond claim.
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The monthly tally came in 14% lower than the $632mn reported a year ago.
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Less than a month ago, the insurer said it would recover $184mn of losses from an earlier Sanders Re deal.
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In total, the changes will lift the exhaustion point on its reinsurance by $779mn from last year, although some gaps remain as its cat bond recovery rose to $195mn.
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The insurer offset $1.08bn of Q1 cat losses with reinsurance recoveries and subrogation payouts in total.
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The insurer will also recover from its per-occurrence tower, recouping roughly $700mn of its gross losses from the winter storm.
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Markdowns have wiped more than $220mn off the value of $1.6bn of aggregate cat bonds benefitting major US insurers after the Texas Big Freeze.
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The carrier’s annual catastrophe losses ticked up to $2.9bn in October.
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The carrier’s $990mn catastrophe loss in Q3 is net of $495mn in subrogation from a settlement with PG&E.
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The carrier's Hurricane Laura loss has risen close to its occurrence treaty trigger.
