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Recoletos Re DAC SPI takes its name from the Paseo de Recoletos boulevard in Madrid. -
The firm said it benefited from favourable retro market conditions.
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The firm has added three new retro partners during 2024.
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Former ILS investors who left the space have looked again and re-allocated.
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Management track record has been a factor in capital raising for 2025.
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Fidelis is seeking more cat bond cover than it did almost a year ago.
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The firm is understood to be reviewing contracts to bind coverage for 1 January.
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The reinsurer took $743mn of nat-cat losses in the quarter.
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Tyler left Gallagher Re earlier this year.
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The reinsurer confirmed its intention to reduce the K-Cession sidecar for 2025.
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The low PCS number is presenting a challenge for ILW buyers and sellers.
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The reinsurer is planning to drop its cession rate from 40% to 30%-35%.
