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.

The bond is currently trading at around 65c in the dollar on the secondary market.

The deal is a large expansion on last year’s cat-bond coverage.

ILS managers have pioneered externally managed rated carriers, but have done so with cost-consciousness in mind.

The market is characterised by rising prices and shrinking deal sizes as investors pick and choose over which bonds to back.

Fidelis chairman Richard Brindle said a shift towards named cat perils and away from complex structures is underway, but that carriers need more unity between inwards and outwards teams to navigate the harder market.  

The correlation between a good ESG score and low loss ratio is strongest in property insurance, the report shows.

The cover is triggered by PCS territory-weighted industry loss and attaches at $12.5bn.

The increased yield reflects the harder post-Ian market.

The carrier pushed London brokers for a reduction in the traditional 15% commission.

The cover will be triggered by territory-weighted annual aggregate industry loss.

How much capacity is available to meet rising cat reinsurance demands was a key theme throughout this year’s Rendez-Vous.

Ratings agencies suggest that carriers must do better on controlling volatility – but diverging risk appetites give the lie to the idea that the industry is walking away from risk.

This publication broke the news in March that the Richard Brindle-led underwriting business was working on the radical company separation.

She was previously an investor relations senior manager at Swiss Re.

Inflationary pressure and climate change meant the market effectively gave ground to cedants despite nominal price rises.

CEO Richard Brindle calls for pricing corrections to reflect climate change and exposure growth.

The Fidelis CEO said stochastic modelling was “pretty much meaningless” and failed to consider the impact of climate change.

Former group portfolio manager Phillip Murfet will become CRO

Sources told Trading Risk that a different kind of investor was interested in ILWs compared with retro cat bonds.

New and growing carriers helped to fill out treaties as Sompo stepped back from a market that came in flatter than expected for remote risk.

The insurer has been able to lower its projected premium by 3%.

The ILW deal will offer a spread of 1775-1850 basis points (bps), including a wide range of perils and notably high coupon for the ILS market.

Its quota share partnerships provide the equivalent of $4.1bn of capital support based on 1-in-250-year loss scenarios.

Hannover Re and Fidelis provided significant capacity on the Munich Re-led programme.

The reinsurer was chasing a high 15% net return target but said lower demand and capital trapping made this unachievable

The company expects reinsurance to provide 78% of its $2.5bn gross written premium target.

Oaktree Capital is understood to be the institutional investor behind the "permanent capital" retro carrier.

The additional raise takes the carrier’s committed capital to $3.2bn.

Occurrence retro rates are among the segments where rate pressure is abating, although the outlook remains somewhat opaque in a late renewal.

The carrier’s long-standing client Alfa has become an equity investor.

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.

He will work on growing the firm’s reinsurance partnerships and quota-share relationships.

Matthew Bellamy will join as senior underwriter in an expansion of the carrier's reinsurance business.

Markel and a new venture from ex RenRe exec Eklund are also tapping up investors.

Richard Brindle also said the cat market is highly sensitive to an additional event, with widespread dislocation possible.

Fidelis has rebranded its third-party capital partnerships arm as Socium.

The executive will lead on reinsurance in Bermuda for the soon to launch Catlin venture.

The $50mn ILS vehicle of Fidelis, led by CEO Richard Brindle, was launched on 1 June 2018.

The former XL Catlin chief operating officer is taking on an advisory role at the start-up which is developing a trading platform for (re)insurance risk.

CEO Richard Brindle will take over the CUO role.

Fidelis has appointed Alison Clarke as a senior underwriter in its London market underwriting team.