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The biggest hit to the insurer were US winter-related storms, at $191mn. -
This is the platform’s first deal to be issued since Rewire Securities, which brokered the previous Eclipse deals, stopped functioning as an independent broker-dealer.
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The floods struck Queensland between 26 January and 10 February, leaving hundreds of homes underwater.
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The insurer’s P&C combined ratio deteriorates to 94.6 percent.
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The Gulf of Mexico may see increased storm activity, according to specialists.
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Buckingham Research analyst Amit Kumar noted that insured loss estimates had been revised up since the early weeks following the August and September events.
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The insurer was hit by $5mn of cat losses in Q1 2019, adding 2.4 points to the combined ratio.
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The update means Michael is the first hurricane to make landfall in the US since Andrew in 1992.
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Allstate expects its first-quarter pre-tax catastrophe losses to reach $680mn.
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Around $11mn of the losses relate to the late-March hailstorm in Brevard County, Florida.
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The net asset value of the class C shares that included 2018 losses dropped by 35.74 percent by 31 December.
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Earlier this month, Lane Financial speculated that higher Treasury yields would encourage investors to return to the cat bond fold.
