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Earlier today, the insurer updated the spread on the cat bond which has settled at 5.75%, and updated the target price to $300mn-$350mn. -
Wind and tornado in the US may already have led to losses in the hundreds of millions, according to Aon’s report.
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Allstate increased the target size of the bond to $300mn-$350mn, up from $200mn.
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In total, insurers paid indemnity of $11bn and loss adjustment expenses of $1.5bn for claims closed in 2022.
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The bond will provide protection from named storms in Florida for three years.
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The head of the ILS international team at Gallagher Securities Europe expects ILS issuance in the region to grow following rises in the European Central Bank rate.
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The independent manager’s post-Ian growth has helped it more than double from prior estimated assets under management.
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The Swiss Re Total Return Index climbed month-over-month throughout the year, to more than regain ground lost after Hurricane Ian in September 2022.
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Nearly 90% of the fund’s allocation is in cat bonds, with a small allocation to other ILS securities and US Treasury Bills.
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Leadenhall Capital Partners (LCP) has named Yuko Hoshino as senior managing director for Japan and Asia within its business development team.
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Jon Colello will become president in the management shake-up.
