Allstate
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The losses were below May’s $777mn, but almost 3x higher than for June 2024. -
The bond will provide protection for Allstate’s Florida subsidiary, Castle Key.
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The carrier surpassed the retention on its annual aggregate reinsurance cover for the year to March 31.
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The carrier estimated January cat losses of $1.08bn, or $849mn after-tax, including the fires.
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The bond provides coverage for storms, earthquakes and severe weather events.
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The carrier has been reducing its presence in the state since 2007.
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Fifteen events caused estimated losses of $306mn.
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Investors may be able to recoup between $15mn-$18mn of principal.
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Total catastrophe losses stemmed from 20 events and were estimated at $587mn.
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This takes pre-tax year-to-date cat losses to $2.62bn.
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This takes pre-tax cat losses for the calendar year to $1.23bn
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Sanders Re cat bond coverage attaches higher than last year at $5.46bn.
