Fidelis
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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.
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The additional raise takes the carrier’s committed capital to $3.2bn.
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Occurrence retro rates are among the segments where rate pressure is abating, although the outlook remains somewhat opaque in a late renewal.
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The carrier’s long-standing client Alfa has become an equity investor.
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The carrier joins peers such as Hamilton Re in raising fresh funds to attack the tight retro market.
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The deal will come into effect on 1 October, with the specialty player's gross lines likely to scale up by a quarter.
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Total equity and debt raised this year if the $300mn target is reached would approach $1.5bn.
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Fidelis has raised over $1bn so far this year from a series of equity and debt raises.
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The bond will provide second-event US wind and quake cover.
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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.
