ALLSTATE LAUNCHES $250M SANDERS RE II CAT BOND

US property/casualty and life group Allstate has returned to the catastrophe bond market by sponsoring the Sanders Re II Ltd (Series 2020-1) issuance to secure at least $250m in collateralised reinsurance protection against personal lines property and motor losses from a range of perils over four years. The issuance covers losses from US named storms (except in Florida), earthquakes, severe weather events, fires and other perils. The two-tranche offering will provide Allstate with both per-occurrence and aggregate cover on an indemnity trigger basis. A $150m tranche of Class A notes attaches at $2.75bn in losses and provide per-occurrence cover. A $100m tranche of Class B notes provides cover on both a per-occurrence and aggregate basis, attaching at $2.75bn for per-occurrence cover and at $3.98 for aggregate cover.