The one Florida focused catastrophe bond sponsored by US insurer Allstate that is considered facing a complete loss of principal after last year’s hurricane Ian has now had its maturity date extended, suggesting the insurers’ ultimate loss for the event has yet to be finalised.
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US primary insurance giant Allstate has pre-announced a range of items that added up to make the third-quarter a particularly challenging one for the company, but positively for the carrier its reinsurance tower has responded to losses from hurricane Ian and a $305 million recovery is anticipated.
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The latest catastrophe bond from US primary insurance giant Allstate has now been priced, with the Florida reinsurance-focused Sanders Re III Ltd. (Series 2022-2) multi-peril issuance eventually reaching $287.5 million in size, but at higher pricing.
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US primary insurance giant Allstate making progress with its latest catastrophe bond, a Sanders Re III Ltd. (Series 2022-2) multi-peril issuance that seeks Florida focused reinsurance coverage for the carrier and now looks like it could upsize slightly to $275 million, but with pricing at the top-ends of guidance.
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US primary insurance giant Allstate is seeking Florida focused reinsurance coverage from a catastrophe bond for the first time in two years, with a $250 million or greater Sanders Re III Ltd. (Series 2022-2) multi-peril issuance now in the market.
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