Allstate's catastrophe losses since its reinsurance year began on 1 April now stand at $3.372bn before tax, after a light September of $220m, or $173m after tax, Artemis reported on 16 October. The headline total is still under the $4.78bn level at which the $150m Class B notes of the Sanders Re III 2023-1 catastrophe bond start to take losses.
Not every loss counts toward that level. The Class B notes protect Allstate in all US states except Florida, and only events of $50m or more erode the retention. For that reason Artemis said it cannot estimate how close qualifying losses are. The notes exhaust at $5.28bn.
A second layer, a new $1bn aggregate excess of loss cover bought at the 2026 renewal, attaches much higher, at $8.5bn, but has a per-event deductible of only $1m. Artemis expects a meaningful part of that attachment to remain.
September was the lowest month of the period. Pre-tax losses were $870m in April, $289m in May, $563m in June, $682m in July and $748m in August. Third-quarter losses totalled $1.65bn, or $1.3bn after tax.
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Artemis ↗News publisher · 16 Oct 2026
This is an original brief based on the linked publication. Company statements and forecasts are attributed to their source.
