Sanders Re III Ltd Series 2023-1

US primary insurance giant Allstate has lifted the target for its new Sanders Re III Ltd. (Series 2023-1) catastrophe bond to as much as $250 million, but at the same time we’re told the riskiest zero-coupon Class C tranche of notes may now not be placed.

US primary insurance carrier Allstate is targeting at least $225 million of catastrophe reinsurance from its first catastrophe bond issuance of this year, with the Sanders Re III Ltd. (Series 2023-1) deal set to provide multi-layer coverage across a proposed three tranches of notes.