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The bond will provide multi-peril coverage in the US and District of Columbia. -
The pricing multiple on the deal is 12.1x the sensitivity case expected loss.
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The single Class A note is paying a multiple of 2.1x.
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The Class A and Class B notes are paying lower multiples than initially guided.
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Former ILS investors who left the space have looked again and re-allocated.
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WTW sold Willis Re to Gallagher in 2021 for $3.5bn.
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The 2024 hurricane season stayed within predictions for high activity but lacked market-moving events.
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The bond will provide aggregate coverage against named US storm.
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The loss figure has increased 200% from the initial number provided in October.
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This is the second time Fidelis has entered the cat bond market this year.
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Moderate impacts to ILS returns are anticipated from Hurricane Milton.
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The association’s Hurricane Beryl net loss stood at $455mn as of 30 September.
