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The fund will invest in listed and private transactions. -
The Class B notes on the carrier’s debut deal attach at $500mn of losses.
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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.
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This is the second time Fidelis has entered the cat bond market this year.
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The latest clutch of offerings indicates pricing discipline in the bond market.
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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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The headline figure of $7.72bn includes $3.11bn of DaVinci equity plus debt.
