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Allstate Joins The Cat Bond Crowd

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 reinsura

By Steven Tuckey | Updated on June 15, 2007

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.”

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