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Allstate adds $227m of pre-tax catastrophe losses in July

US primary insurance carrier Allstate has added another $227 million of pre-tax catastrophe losses for the month of July 2021, which is much higher than the prior year's $145 million. Allstate had closed out the second-quarter of 2021 with $952 million of pre-tax catastrophe losses, which was a relatively high quarter read the full article →

Allstate’s Sanders Re cat bond recovery rises to $253m in Q2

Catastrophe bond losses continue to affect investors in the $300 million Sanders Re II 2019-1 cat bond transaction sponsored by US primary insurance giant Allstate, as loss creep from US winter storm Uri and Texas freeze continued to erode the notes remaining principal in the second-quarter. As we explained earlier this read the full article →

Allstate’s Q2 catastrophe losses reach $952m pre-tax after June

US primary insurance carrier Allstate reported another $195 million of pre-tax catastrophe losses for the month of June, including some loss creep on prior period events, taking its pre-tax total for the second-quarter of the year to around $952 million. After May, Allstate's Q2 catastrophe losses had reached $757 million pre-tax. This read the full article →

May hail drives Allstate’s pre-tax Q2 catastrophe losses to $757m

US primary insurance carrier Allstate has reported $213 million of estimated pre-tax catastrophe losses for the month of May 2021, which takes the insurers second-quarter total to $757 million before tax. Severe weather and hail storms are the key drivers of May's catastrophe toll, with two large hail events responsible for read the full article →

Allstate gets upsized $250m Sanders Re cat bond with pricing down 13%

US primary insurance carrier Allstate has successfully expanded its new catastrophe bond issuance to the upsized target of $250 million, while at the same time the coupon for the  Sanders Re II Ltd. (Series 2021-1) notes was fixed at the low-end of reduced guidance. Allstate has been aiming to fill a read the full article →

Allstate seeks Sanders Re cat bond expansion to $250m

US primary insurance giant Allstate seeking to expand its new catastrophe bond issuance, with the target for the  Sanders Re II Ltd. (Series 2021-1) transaction now lifted to $250 million, we understand. Allstate is looking to fill a gap in its per-occurrence reinsurance tower before the wind season begins, after loss read the full article →

Allstate reports $544m of catastrophe losses and loss creep in April

US primary insurance carrier Allstate has reported $544 million of net catastrophe losses, largely caused by April's severe US convective weather and hail storms, as well as some loss creep on previous events. The insurer said that the $544 million of catastrophe losses reduces to $430 million after-tax. Five catastrophe events hit read the full article →

Allstate looks to cat bonds for $200m Sanders Re occurrence gap fill

US primary insurance giant Allstate is turning to the catastrophe bond market in search of occurrence reinsurance limit to fill out gaps in its program it seems, bringing a $200 million or greater Sanders Re II Ltd. (Series 2021-1) transaction to market. As we explained last week, as well as making read the full article →

Allstate recovers $195m from Sanders Re cat bond, to fill eroded layer

US primary insurance giant Allstate has reported that its losses from the first-quarter winter storms and freezing weather have now enabled it to recover $195 million from the reinsurance provided by its Sanders Re II 2019-1 cat bond. As we've explained before, Allstate's aggregate losses soared on the impacts of winter read the full article →

Allstate’s March cat losses increase recoveries under Sanders cat bonds

US primary insurer Allstate revealed today that its catastrophe losses, before reinsurance, subrogation recoveries and taxes totalled $1.67 billion for the first-quarter of 2021, a significant proportion of which will be offset by recoveries under reinsurance and also its Sanders catastrophe bonds, it seems. As we explained last month, following February's read the full article →