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The early redemption of the Credit Suisse bond comes after the bank was acquired by its rival UBS last year. -
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.
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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 carrier is seeking indemnity per occurrence for quake coverage in the US.
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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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The firm will deploy newly developed, proprietary cat bond analysis platform Hubble.
