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Carrier has a cat event retention of $10mn for all perils under its reinsurance programme.
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The storm is expected to strike the Cancun as a Category 4 storm later tonight. -
The storm is forecast to reach Mexico on Wednesday and hurricane warnings are in effect.
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The latest offering comes roughly four months after Fidelis’ first Herbie Re deal.
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The Samir Shah-led firm has transferred risks for more than 15 MGAs.
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The broker expects collateralised reinsurance to shrink as cat bond demand grows.
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Year-to-date lite and private cat bond placements total $220mn, up 30% from last September.
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Pre-tax cat losses totalled almost $1bn, driven by claims related to hurricanes Laura and Isaias.
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Reinsurers and investors on the program’s flood-related cat bonds are watching the situation closely.
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It made a 4.4% gain over the past year from its insurance holdings, and has made 7.9% per annum since inception.
