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Pricing on the Class A and Class B notes settled below guidance. -
The bond will provide named storm and quake coverage.
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The 2025 target would be ~25% larger than the $3.56bn it placed for 2024.
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Fidelis is seeking more cat bond cover than it did almost a year ago.
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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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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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