Allstate cuts $175mn layer after new cat bond issue

Allstate allowed a $175mn gap fill layer to lapse when it
renewed its $4.42bn nationwide excess catastrophe reinsurance
programme ahead of the start of the 2017 hurricane season.
The layer had been placed with traditional reinsurers on the
same terms as the first six layers of the structure, which renewed
as expiring.
Also at the top of the programme, the insurer
replaced $350mn of expiring 2013-1 Sanders Re cat bond cover with a
$375mn, or 36.62 percent of $1.024bn, slug...