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The asset manager has been forced to pare back sidecar allocations following last year’s disaster activity, and pay out a stream of redemption requests. -
The firm launched last year with $50mn of capital from a pension plan investor.
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Fidelis has rebranded its third-party capital partnerships arm as Socium.
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The fund delivered an investment loss of 7.56 percent in the half-year to 30 April.
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The carrier has made refinements to the vehicle’s portfolio mix and the structure mix, Liberty Mutual told Trading Risk.
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The target size shrank from 2018 after the insurer revised the renewing portfolio, with the Bermuda-listed component dropping by $143mn.
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The 2019-3 notes bring the total Alturas sidecar support for the year up to $230mn.
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The 2018 notes were wiped out when the HCI-backed reinsurer Oxbridge was hit by $7.7mn of catastrophe losses.
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The broker also signalled its ambition to offer passive investment portfolios to ILS investors.
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Winners were recognised at the 11th Trading Risk Awards ceremony, held in London last night.
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The bond offers protection against certain losses from US named storms and US earthquakes.
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Ken Randall has stepped down from the role but stays with the group as chairman.
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