Fidelis
-
The syndicate is expected to write ~$300mn of business in 2026. -
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.
-
The bond protects against losses in the US, Canada, Europe and Australia.
-
The carrier previously redeemed from a Herbie Re cat bond for California wildfire claims.
-
The deals covered Euro wind and Italy quake, Florida hurricane and a retro bond.
-
The bond will provide multi-peril coverage on an industry loss basis.
-
Secondary market traders are baking in further loss potential after PCS increased its wildfire and Helene loss estimates.
-
Suzanne Wells is also joining the company from Arch as COO.
-
The bond was trading at around 12.3c on the dollar in the secondary market last month.
-
Pricing for both falls at the lower end of the recently updated estimates.
-
The carrier is targeting annual aggregate cover with a PCS index trigger.
