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The facility will also provide a dividend to clients for the first time. -
The $100mn note was unchanged in size.
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Management track record has been a factor in capital raising for 2025.
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Robert Salzmann has been with the Swiss Re insurer for a decade.
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Fidelis is seeking more cat bond cover than it did almost a year ago.
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The firm is understood to be reviewing contracts to bind coverage for 1 January.
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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.
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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.
