US insurer Allstate has confirmed its pre-tax loss from hurricane Milton at $102 million, at which level it seems possible the Sanders Re II Ltd. (Series 2024-2) catastrophe bond may face a loss, while the companies year-to-date pre-tax catastrophe losses have reached $4.84 billion after October.
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In announcing its third-quarter results at end of day yesterday, US insurer Allstate also provided an insight into the losses it expects from recent hurricane Milton and at the level disclosed, it appears that the lowest of the carriers Florida focused Sanders Re catastrophe bonds could trigger and pay out, Artemis can report.
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US primary insurance giant Allstate has returned to the catastrophe bond market and secured $74.5 million in additional multi-peril reinsurance protection through a new Sanders Re II Ltd. (Series 2024-2) cat bond issuance that has been relatively privately placed as zero-coupon notes, Artemis has learned.
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