Fidelis
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PCS's loss estimate for the March Missouri SCS pushed the bond beyond its exhaustion point. -
A total $225mn of fresh limit entered the market across two deals.
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The bond protects against losses in the US, Canada, Europe and Australia.
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The carrier previously redeemed from a Herbie Re cat bond for California wildfire claims.
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The deals covered Euro wind and Italy quake, Florida hurricane and a retro bond.
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The bond will provide multi-peril coverage on an industry loss basis.
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Secondary market traders are baking in further loss potential after PCS increased its wildfire and Helene loss estimates.
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Suzanne Wells is also joining the company from Arch as COO.
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The bond was trading at around 12.3c on the dollar in the secondary market last month.
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Pricing for both falls at the lower end of the recently updated estimates.
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The carrier is targeting annual aggregate cover with a PCS index trigger.
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The bond is currently trading at around 65c in the dollar on the secondary market.
