Sanders Re II Ltd

US primary insurer Allstate has secured its targeted $150 million of multi-peril and fully-collateralized reinsurance protection for Florida from its latest catastrophe bond, as the new Sanders Re II Ltd. (Series 2025-2) issuance has been priced at the low-end of guidance, Artemis can report.

US primary insurer Allstate is back in the catastrophe bond market for the second time this year, this time seeking multi-peril Florida collateralized reinsurance protection from a $150 million or greater Sanders Re II Ltd. (Series 2025-2) issuance.

US primary insurer Allstate has lifted the top of its main occurrence Nationwide Excess Catastrophe Reinsurance Program to a new high of $9.5 billion at its recent renewal, with catastrophe bond coverage a growing component, while its retention has also increased to now $1 billion across the tower.

US primary insurer Allstate has disclosed that a heavy March catastrophe loss burden means it now anticipates making $123 million of reinsurance recoveries from its aggregate tower, whose coverage is solely provided by catastrophe bonds from the Sanders Re program.

Despite its price having recovered back almost to par across catastrophe bond pricing sheets in recent weeks, US insurer Allstate’s $150 million Class B tranche of notes from the Sanders Re II Ltd. (Series 2021-2) issuance that provide both occurrence and aggregate reinsurance has seen its maturity date extended by three years.

Allstate reported a relatively low level of catastrophe losses for February, meaning qualifying losses under its aggregate Sanders Re catastrophe bonds remain a reasonable distance from attachment ponts, we are told, so with the annual risk period nearing its end these notes are now being viewed as safer, according to sources.

US primary insurer Allstate has now successfully priced its latest catastrophe bond transaction, securing the upsized 150% target of $750 million of collateralized multi-peril and multi-year catastrophe reinsurance protection from the Sanders Re II Ltd. (Series 2025-1) issuance, which marks the company’s joint-largest cat bond sponsorship ever.

We’re told that US primary insurer Allstate has for a second time increased the target size for its new Sanders Re II Ltd. (Series 2025-1) catastrophe bond issuance, with a further increase to one of the tranches of notes and the overall deal now targeting $750 million in collateralized catastrophe reinsurance for the company.

US primary insurer Allstate is now looking for another very large slice of collateralized multi-peril catastrophe reinsurance protection from the catastrophe bond market, as the company has more than doubled the target size for its new Sanders Re II Ltd. (Series 2025-1) issuance to $650 million, Artemis can report.

US insurer Allstate has disclosed today that it expects $1.4 billion of reinsurance recoveries will be made from its program after the recent Los Angeles, California wildfires.