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The sidecars segment has been attracting inflows after returns hit a high note in 2023. -
The health insurer now expects to secure the lowest-risk tranche of its health bond for under a 3% spread.
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The Seaside Re placement is the first cat bond lite deal of 2024.
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Allstate has expanded the size of the bond twice, now reaching $400mn.
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In total nearly $139mn worth of bonds have been extended.
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The deal was brokered by Gallagher Re and provides US cyber insurance event protection.
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The early redemption of the Credit Suisse bond comes after the bank was acquired by its rival UBS last year.
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In its semi-annual report for the six months to 31 July 2023, the manager said the fund had returned 2.74% over the half-year.
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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.
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Allstate increased the target size of the bond to $300mn-$350mn, up from $200mn.
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The bond will provide protection from named storms in Florida for three years.
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Insurance competition remains vibrant in some of the segments that remain most exposed to persistent risks highlighted by the flagship World Economic Forum report.
