Fidelis
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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.
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The bond’s spread has settled at the top of the (re)insurer's target range.
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The transaction covers storm and earthquake in the US.
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Fidelis’ UK CUO said they believe Davern “is the right person to lead” their continued growth.
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The firm will consider writing more retro after raising $300mn new equity.
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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.
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The former Aon retro broker was previously CEO of the UK arm at Fidelis.
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He will work on growing the firm’s reinsurance partnerships and quota-share relationships.
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Matthew Bellamy will join as senior underwriter in an expansion of the carrier's reinsurance business.
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Markel and a new venture from ex RenRe exec Eklund are also tapping up investors.
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Richard Brindle also said the cat market is highly sensitive to an additional event, with widespread dislocation possible.
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