Allstate
-
This takes pre-tax year-to-date cat losses to $2.62bn.
-
This takes pre-tax cat losses for the calendar year to $1.23bn
-
Sanders Re cat bond coverage attaches higher than last year at $5.46bn.
-
This follows February’s cat losses coming in below the $150mn reporting threshold.
-
The multi-peril coverage was due to expire in June 2026.
-
This follows January pre-tax cat losses of $276mn.
-
-
Monthly cat losses were driven by two major events.
-
Unfavorable prior year reserve re-estimates, excluding catastrophes, totaled $199mn in Q4, with approximately $148mn related to personal auto, including costs for litigation claims.
-
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.
-
Allstate increased the target size of the bond to $300mn-$350mn, up from $200mn.
-
Sanders Re III will provide coverage for the District of Columbia and all US states apart from Florida.