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Allstate pulls $1bn+ limit from traditional market

25 March 2013

Allstate is pulling a significant chunk of limit from the traditional open reinsurance market in a restructure of its nationwide cat programme that is expected to include a new catastrophe bond and the use of other alternative capacity, The Insurance Insider can reveal.

In the latest example of the squeeze being put on traditional cat underwriters, the US nationwide insurer is believed to have cut the fifth layer of its Aon Benfield-placed nationwide excess-of-loss (XoL) cover in half from $1bn...

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This article was published as part of issue March 2013/4

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