Fidelis
-
Pricing for both falls at the lower end of the recently updated estimates.
-
The carrier is targeting annual aggregate cover with a PCS index trigger.
-
The bond is currently trading at around 65c in the dollar on the secondary market.
-
The deal is a large expansion on last year’s cat-bond coverage.
-
ILS managers have pioneered externally managed rated carriers, but have done so with cost-consciousness in mind.
-
The market is characterised by rising prices and shrinking deal sizes as investors pick and choose over which bonds to back.
-
Fidelis chairman Richard Brindle said a shift towards named cat perils and away from complex structures is underway, but that carriers need more unity between inwards and outwards teams to navigate the harder market.
-
The correlation between a good ESG score and low loss ratio is strongest in property insurance, the report shows.
-
The cover is triggered by PCS territory-weighted industry loss and attaches at $12.5bn.
-
The increased yield reflects the harder post-Ian market.
-
The carrier pushed London brokers for a reduction in the traditional 15% commission.
-
The cover will be triggered by territory-weighted annual aggregate industry loss.
-
How much capacity is available to meet rising cat reinsurance demands was a key theme throughout this year’s Rendez-Vous.
-
Ratings agencies suggest that carriers must do better on controlling volatility – but diverging risk appetites give the lie to the idea that the industry is walking away from risk.
-
This publication broke the news in March that the Richard Brindle-led underwriting business was working on the radical company separation.
-
She was previously an investor relations senior manager at Swiss Re.
-
Inflationary pressure and climate change meant the market effectively gave ground to cedants despite nominal price rises.
-
CEO Richard Brindle calls for pricing corrections to reflect climate change and exposure growth.
-
The Fidelis CEO said stochastic modelling was “pretty much meaningless” and failed to consider the impact of climate change.
-
Former group portfolio manager Phillip Murfet will become CRO
-
Sources told Trading Risk that a different kind of investor was interested in ILWs compared with retro cat bonds.
-
New and growing carriers helped to fill out treaties as Sompo stepped back from a market that came in flatter than expected for remote risk.
-
The insurer has been able to lower its projected premium by 3%.
-
The ILW deal will offer a spread of 1775-1850 basis points (bps), including a wide range of perils and notably high coupon for the ILS market.
-
Its quota share partnerships provide the equivalent of $4.1bn of capital support based on 1-in-250-year loss scenarios.
-
Hannover Re and Fidelis provided significant capacity on the Munich Re-led programme.
-
The reinsurer was chasing a high 15% net return target but said lower demand and capital trapping made this unachievable
-
The company expects reinsurance to provide 78% of its $2.5bn gross written premium target.
-
Oaktree Capital is understood to be the institutional investor behind the "permanent capital" retro carrier.
-
The additional raise takes the carrier’s committed capital to $3.2bn.
-
Occurrence retro rates are among the segments where rate pressure is abating, although the outlook remains somewhat opaque in a late renewal.
-
The carrier’s long-standing client Alfa has become an equity investor.
-
The carrier joins peers such as Hamilton Re in raising fresh funds to attack the tight retro market.
-
The deal will come into effect on 1 October, with the specialty player's gross lines likely to scale up by a quarter.
-
Total equity and debt raised this year if the $300mn target is reached would approach $1.5bn.
-
Fidelis has raised over $1bn so far this year from a series of equity and debt raises.
-
The bond will provide second-event US wind and quake cover.
-
The capital raise boosted Fidelis’ share base by 45 percent of pre-transaction equity.
-
The bond’s spread has settled at the top of the (re)insurer's target range.
-
The transaction covers storm and earthquake in the US.
-
Fidelis’ UK CUO said they believe Davern “is the right person to lead” their continued growth.
-
The firm will consider writing more retro after raising $300mn new equity.
-
The sovereign wealth entity has taken an equity stake in the Bermuda (re)insurer after also building up an ILS portfolio in the past year.
-
The former Aon retro broker was previously CEO of the UK arm at Fidelis.
-
He will work on growing the firm’s reinsurance partnerships and quota-share relationships.
-
Matthew Bellamy will join as senior underwriter in an expansion of the carrier's reinsurance business.
-
Markel and a new venture from ex RenRe exec Eklund are also tapping up investors.
-
Richard Brindle also said the cat market is highly sensitive to an additional event, with widespread dislocation possible.
Most Recent
-
ILS Advisers index gains 0.85% in March
03 May 2024 -
Perils ups Storm Ciaran estimate to EUR2.04bn
03 May 2024