Fidelis
-
The carrier joins peers such as Hamilton Re in raising fresh funds to attack the tight retro market. -
The deal will come into effect on 1 October, with the specialty player's gross lines likely to scale up by a quarter.
-
Total equity and debt raised this year if the $300mn target is reached would approach $1.5bn.
-
Fidelis has raised over $1bn so far this year from a series of equity and debt raises.
-
The bond will provide second-event US wind and quake cover.
-
The capital raise boosted Fidelis’ share base by 45 percent of pre-transaction equity.
-
The bond’s spread has settled at the top of the (re)insurer's target range.
-
The transaction covers storm and earthquake in the US.
-
Fidelis’ UK CUO said they believe Davern “is the right person to lead” their continued growth.
-
The firm will consider writing more retro after raising $300mn new equity.
-
The sovereign wealth entity has taken an equity stake in the Bermuda (re)insurer after also building up an ILS portfolio in the past year.
-
The former Aon retro broker was previously CEO of the UK arm at Fidelis.
