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This is the second time Fidelis has entered the cat bond market this year. -
Other capacity supporting the syndicate is mostly individual Names, sources have said.
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The estimate includes $102mn from Milton and $114mn Helene development.
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The bond is targeting $225mn of limit across the Class A and Class B notes.
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The notes provide coverage in the US and District of Columbia but exclude Florida.
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The firm recorded a 13.3% nat cat impact to the P&C combined ratio.
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Nat cat pricing is expected to be more or less flat, with rises on loss-affected programmes.
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The latest issuance signals the second time the sponsor has entered the cat bond market.
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In its first deal, Enstar received $350mn in premium for certain 2019 and 2020 business in AlphaCat’s portfolio.
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The firm will provide an update on 22 November to avoid holiday season.
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Andrade flagged expected 5% to 10% increases in the US and Europe.
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The figures imply first-layer reinsurance recoveries for Helene.
