Storm Uri markdowns wipe +$220mn from Caelus, Sanders and ResRe bonds
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Storm Uri markdowns wipe +$220mn from Caelus, Sanders and ResRe bonds

Kit Heren
02 March 2021
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Photo: PA

Pricing on multiple annual aggregate cat bonds issued by Nationwide, Allstate and USAA has been affected by the recent Storm Uri, wiping more than $220mn off their value in the past month, after snowstorms cast a number of southern US states into turmoil last month.

A pricing sheet issued on Friday 26 February, and seen by this publication, shows that the bid-offer spread for several Caelus Re, Sanders Re and Residential Re notes has grown considerably in a reflection of the uncertainty over the...

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Topics

NewsCatastrophe bondsWeatherCatastrophe lossesClaims and lossesAllstateUSAANationwide
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Kit Heren
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