-
The new bond includes a particularly high-risk occurrence layer for which indicative pricing is up 14% year on year. -
The firm’s fourth annual issuance brings the total volume of cat bond lite deals this year to $250.54mn.
-
The remote-risk layer priced at the middle of the guidance range, while pricing on a higher-risk layer was pushed to the top of targets.
-
Bonds had an implied average spread of 6.86%, the lowest quarterly rate since mid-2018.
-
The $250mn transaction will not fully replace the $400mn of maturing ILS cover for the organisation.
-
The latest offering comes roughly four months after Fidelis’ first Herbie Re deal.
-
-
The storm is predicted to hit the US Gulf of Mexico on Wednesday as a Category 2 storm.
-
The Australian carrier is also drawing down on other aggregate covers.
-
Cat bond returns were outpacing US high-yield debt as of 30 June 2020, the advisory firm said.
-
CEO Kevin O'Donnell also noted that RenRe had dropped one-third of its Florida clients.
-
The new issuances mean the 2020 Eclipse Re series now comprises $86.6mn of cover.
