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The start-up has secured BMA approval as it looks to a 1 January kick-off. -
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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Athena Re provides coverage against terrorism in France and its overseas territories.
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The deal is offering a multiple of 13.6x on the sensitivity case expected loss.
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The association’s Hurricane Beryl net loss stood at $455mn as of 30 September.
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The UCITS fund was launched in 2021 and invests in cat bonds and the money markets.
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It is targeting $25mn GWP this year and $50mn GWP in 2025.
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The headline figure of $7.72bn includes $3.11bn of DaVinci equity plus debt.
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Löw will succeed Bertrand Wollner on his retirement in April.
