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The $600mn fund could allocate up to 10% of assets to cat bonds from 2025. -
Initial spread guidance for the three-year bond is set at 425-500bps.
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The bond offers a higher multiple than a similar Fuchsia Re deal placed last year.
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Mapfre Re CEO Miguel Rosa was “very satisfied” with the debut cat bond deal.
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The Swiss-based team of Siglo has transferred to Cambridge Associates.
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The ILS manager will “pragmatically accept” a degree of credit risk in deals.
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Former ILS investors who left the space have looked again and re-allocated.
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The scheme’s ILS allocation has held steady at 0.7% of the total fund.
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Fidelis is seeking more cat bond cover than it did almost a year ago.
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Spreads at levels favourable to sponsors could power Q1 2025 pipeline.
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The UK Local Government Pension Scheme (LGPS) has around £391bn in AuM.
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The new funds will target the US wealth market through financial professionals.
