Allstate-backed $375m cat bond listed on BSX
Created: Mar 31, 2017 08:00 AM (Updated: Mar 31, 2017 08:00 AM)
Allstate: the Sanders Re cat bond will provide reinsurance coverage for the US insurance giant
US insurer Allstate is behind a new $375 million cat bond to be listed on the Bermuda Stock Exchange.
The BSX announced yesterday that the Sanders Re 2017-1 cat bond had been admitted for listing.
The bond will cover Allstate and its subsidiaries against losses from a range of US perils, including named storms, earthquakes, severe thunderstorms, volcanic eruption and meteorite impacts, according to the Artemis website.
Investors will receive a coupon of 3 per cent, Artemis reported.
