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The French reinsurer guides away from an equity raise as it predicts further rate hardening.
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A number of major carriers have bought new catastrophe covers, but the overall gain is likely to be muted, brokers forecast. -
Cat programmes have been completed this year, but a heavy hurricane season could shake up the market, the broker said.
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The (re)insurer placed a new $100mn enterprise cover, ahead of the $350mn bond elapsing.
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Reduced exposures take the vertical limit on carrier’s cat programme down to A$6.5bn from A$7.2bn.
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Reinsurance capacity has largely bounced back from an initial Covid-19 hit, but the ILS segment remains more disrupted.
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The carrier’s latest treaty offers $1.01bn of cover, down from $1.24bn last year.
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An influx of underwriting capacity will likely limit the extent to which reinsurance rates rise, the agency said.
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RoLs could rise moderately in July with stronger gains in January, market participants said.
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The early renewal approach has been met with opposition from Lloyd’s reinsurers.
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Limited mid-year trading has continued but buyers have cut back.
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The capital raise boosted Fidelis’ share base by 45 percent of pre-transaction equity.
