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ILS strategies specialist Siti Dawson is moving from LGT ILS Partners. -
The asset manager’s reinsurance funds shrank 17% in its fiscal year to end October to reach $2.6bn.
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The bond includes two layers protecting against annual aggregate and occurrence losses.
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The bond is structured with dual annual aggregate and per-occurrence index triggers.
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Reinsurers have successfully pushed hard on T&Cs but, as capacity begins to fall into place, there are still many unanswered questions for this renewal.
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The full size of the sidecar for 2023 will be known when Class B notes are issued in January.
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FGF is a reinsurance and asset management holding company focused on collateralised and loss capped reinsurance and merchant banking.
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TigerRisk Capital Markets & Advisory acted as exclusive structuring and placement agent for the reinsurance sidecar.
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The move comes amid a general cutback from reinsurers’ in their cat risk appetite.
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RenRe, Fontana’s owner, said earlier this year that it was considering getting a rating for the casualty and specialty sidecar.
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The Accelerant group provides capacity to MGAs and maintains two reinsurance carriers.
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Quota shares, collateralised re, ILWs and event-linked swaps will also form part of the offer.
