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.