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Lloyd’s has taken around 6% of aggregate US hurricane losses in recent years, and disclosed estimated net losses from Helene and Milton of $1.8bn to $3.4bn. -
Losses from Hurricane Milton are expected to affect only select junior structures.
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The fund will invest in listed and private transactions.
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The Class B notes on the carrier’s debut deal attach at $500mn of losses.
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Euler ILS Partners and Tropical Storm Risk teamed up to produce an updated version of an earlier study.
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The bond will provide aggregate coverage against named US storm.
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The bond is split into three tranches of notes.
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This is the second time Fidelis has entered the cat bond market this year.
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The latest clutch of offerings indicates pricing discipline in the bond market.
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Moderate impacts to ILS returns are anticipated from Hurricane Milton.
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Athena Re provides coverage against terrorism in France and its overseas territories.
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The deal is offering a multiple of 13.6x on the sensitivity case expected loss.
