winter storm

US primary insurance carrier Allstate has revealed making $1.37 billion of recoveries under its catastrophe reinsurance arrangements during calendar year 2021, $300 million of which came after a full exhaustion of its Sanders Re II 2019-1 catastrophe bond transaction.

Subrogation recoveries related to the February 2021 winter storm and Texas freeze losses are now being seen as increasingly possible, perhaps even likely, by our sources in reinsurance and insurance-linked securities (ILS) markets, as a lawsuit has been filed against ERCOT and many expect that some kind of payout will be the end result of […]

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.

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.

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.

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.

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.

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.

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.

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.