Allstate
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The carrier's Hurricane Laura loss has risen close to its occurrence treaty trigger. -
Pre-tax cat losses totalled almost $1bn, driven by claims related to hurricanes Laura and Isaias.
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Subrogation recoveries from 2017 and 2018 wildfires put the carrier’s overall July catastrophe bill in credit to the tune of $334mn.
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The insurer had previously confirmed details of its $4.5bn treaty renewal.
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June losses from wind and hail events in Texas, Pennsylvania and Alberta total $181mn.
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The deal will generate proceeds of more than $1.5bn for the Karfunkel family and including a dividend is pitched at 69 percent more than Tuesday's close.
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Four severe weather events in Texas and the Midwest generate about 80 percent of the claims.
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The $632mn tally was up from $290mn reported in April 2019.
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The insurer's Castle Key subsidiary will pay a 5.5 percent spread for the cover, up 70 percent from the rate on an expiring 2017 cat bond.
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Pricing has moved to the top of the initial guidance, according to sources.
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The insurer's Q1 cat losses dropped by more than two thirds.
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The new multi-peril deal would effectively replace a soon-to-expire 2017 bond.
