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Allstate cat bond catastrophe losses reach $2.402bn for 2026 aggregate year
July 2026 brought $682 million in pre-tax catastrophe losses, from 23 events, with 75% of monthly losses tied to two wind and hail storms.
US insurer Allstate has reported $682 million in pre-tax catastrophe losses for July 2026, lifting total catastrophe losses across the current annual aggregate risk period for its catastrophe bonds to $2.402 billion, according to Artemis.
Artemis said Allstate started the new annual aggregate period for its Sanders Re program catastrophe bonds and excess of loss reinsurance with $870 million of pre-tax catastrophe losses in April 2026, followed by $289 million in May and $563 million in June. For July, the report put losses at $539 million after-tax and said the losses came from 23 separate loss events.
The outlet added that 75% of July losses were related to two wind and hail storms, likely tied to severe convective storm activity across the US. Artemis also noted that not all cat losses automatically erode cat bond aggregate retentions because a $50 million per-event deductible is in place within the terms.
Artemis said Allstate currently has annual aggregate protection from only one cat bond tranche, the $150 million Class B notes issued through Sanders Re III Ltd. (Series 2023-1). Those notes attach at $4.78 billion of losses and run to $5.28 billion, and they cover all US states except Florida, while a separate new $1 billion aggregate excess of loss arrangement from Allstate’s 2026 reinsurance renewal is described as attaching at $8.5 billion of losses.