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The full size of the sidecar for 2023 will be known when Class B notes are issued in January. -
FGF is a reinsurance and asset management holding company focused on collateralised and loss capped reinsurance and merchant banking.
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TigerRisk Capital Markets & Advisory acted as exclusive structuring and placement agent for the reinsurance sidecar.
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The move comes amid a general cutback from reinsurers’ in their cat risk appetite.
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RenRe, Fontana’s owner, said earlier this year that it was considering getting a rating for the casualty and specialty sidecar.
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The Accelerant group provides capacity to MGAs and maintains two reinsurance carriers.
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Quota shares, collateralised re, ILWs and event-linked swaps will also form part of the offer.
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Hurricane Ian’s legacy will undoubtedly lead to some shake-ups in the ILS sector, with ongoing progression outside cat and ESG strategies likely to be a focus.
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The transaction across two tranches is offering higher multiples compared to the 2021 Mona Lisa issuance, with pricing on the aggregate layer almost 80% up despite carrying a lower risk level.
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The vehicle offers attachment points of $500mn and above for global property and downstream energy risks.
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Mt Logan ceded $68mn of premiums to Everest Re in the three months leading up to 30 September – down 41% compared to Q3 2021.
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Baltesar worked for Hiscox Re and ILS before joining Credit Suisse ILS in 2019.
