Allstate's first hurricane-linked catastrophe bond was given a Standard and Poor's “double-B-plus” rating yesterday as the firm joined a long list of carriers to use that mechanism for backup reinsurance.
The Willow Re Ltd. $250 million Class B Series 2007-1 principal-at-risk variable-rate notes were assigned an S&P senior secured debt rating of “double-B-plus.”
Proceeds from the notes, according to the company, will provide Allstate with a source of index-based collateralization reinsurance for hurricanes in the covered area–New York, New Jersey and Connecticut–on a per-occurrence basis over a three-year period.
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