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.
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US insurer Allstate expects its losses from the recent Los Angeles, California wildfires will be around $1.1 billion, pre-tax and net of reinsurance, which has implications for the erosion of aggregate Sanders Re catastrophe bond deductibles and may result in recoveries under its Nationwide excess-of-loss reinsurance tower.
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US primary insurance carrier Allstate has lifted the target for its first catastrophe bond of 2022 to $550 million of multi-peril reinsurance protection, while the pricing for each tranche of Sanders Re III Ltd. (Series 2022-1) notes is set for the mid or upper-ends of guidance.
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US primary insurance carrier Allstate is in the catastrophe bond market for the first time in 2022, seeking $450 million or more of reinsurance protection across both per-occurrence and annual aggregate multi-peril protection, with a Sanders Re III Ltd. (Series 2022-1) issuance.
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