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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 →

Cincinnati challenges winter storm claims under ERCOT policy

While widespread subrogation related to winter storm claims payments against Texas energy organisation the Electric Reliability Council of Texas, Inc. (ERCOT) hasn't emerged and in some quarters is thought unlikely, one insurer is seeking to hold ERCOT accountable for some of its costs from the freeze event in the State. The read the full article →

Reinsurance to offer insurer respite after winter storm Uri loss: S&P

Reinsurance recoveries are set to offer some respite to insurance carriers exposed to winter storm Uri and the deep freeze event that impacted the south, in particular Texas, according to S&P Global Ratings. S&P explained that, across its coverage universe, "The ratings impact from Uri is neutral for the North American read the full article →

US deep freeze looks like $10bn to $12bn property cat loss: Albertini, Leadenhall

February's deep freeze and winter storm catastrophe event looks set to drive a property catastrophe reinsurance market loss of somewhere in a range from $10 billion to $12 billion, Leadenhall Capital Partners CEO Luca Albertini believes. Speaking with us during a recent Artemis Live video interview, Albertini said that data and read the full article →

Allstate says winter storm loss to trigger Sanders Re II 2019-1 cat bond

US primary insurer Allstate has revealed a significant approximately $1.3 billion gross loss from the winter storms and severe winter freeze, primarily impacting Texas, which it warns mean its aggregate reinsurance will trigger, which is provided by its Sanders Re catastrophe bonds. Allstate said that the $1.3 billion of gross losses read the full article →

Progressive makes $40m reinsurance recovery for US winter storms

The Progressive Corporation has revealed that its losses from the recent winter storms in the United States drove a $40 million reinsurance recovery for the firm, after claims exceeded its occurrence retention. Progressive's property insurance business reported a net catastrophe loss ratio of 47.4%, driving a combined ratio for that segment read the full article →

Munich Re expecting winter storm loss in the mid-hundreds of millions

German reinsurance giant Munich Re said that it is expecting its losses from the recent US winter storm and extreme freezing weather event to be in the mid hundreds of millions of Euros. The reinsurance carrier is the first major player to disclose anything on the recent winter weather event, mentioning read the full article →

Cat claims 34% above 10-year average in 2021 on US winter storm: Jefferies

Insurance and reinsurance industry catastrophe claims are likely running around 34% above the 10-year average for the year-to-date thanks to the significant contribution from US winter storms and freezing weather, according to analysts at Jefferies. In its latest update on catastrophe and weather losses facing the insurance and reinsurance industry, the read the full article →

Winter storms mean higher renewal rates into 2022: ILS Capital

Bermuda headquartered ILS fund and investment manager ILS Capital Management, has said that it expects that industry losses suffered from the recent winter storms and Arctic blast in the United States will drive renewal rates higher at the mid-year and also further into 2022. The ILS investment manager revealed an expectation read the full article →