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The ILS manager’s existing Medici cat bond strategy stood at $1.68bn in assets under management (AuM) as of 30 September. -
Pricing on the Class A and Class B notes settled below guidance.
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The bond will provide named storm and quake coverage.
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The 2025 target would be ~25% larger than the $3.56bn it placed for 2024.
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CEO Jonathan Zaffino said he saw opportunities for expansion in casualty.
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Fidelis is seeking more cat bond cover than it did almost a year ago.
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Losses from Hurricane Milton are expected to affect only select junior structures.
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The fund will invest in listed and private transactions.
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Euler ILS Partners and Tropical Storm Risk teamed up to produce an updated version of an earlier study.
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The bond will provide aggregate coverage against named US storm.
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The bond is split into three tranches of notes.
