Fidelis Insurance Group
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IGI is set to launch into the contingency market and has appointed underwriter Emily Clapham to lead the entry into the class, Insurance Insider can reveal. -
Hannover Re and Fidelis provided significant capacity on the Munich Re-led programme.
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The move from Fidelis to hand back $275mn of capital is rare in a "use it or lose it" world, but what does this say about the direction of the retro market?
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The reinsurer was chasing a high 15% net return target and said lower demand and capital trapping made this unachievable.
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The company expects reinsurance to provide 78% of its $2.5bn gross written premium target.
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Oaktree Capital is understood to be the institutional investor behind the "permanent capital" retro carrier.
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The additional raise takes the carrier’s committed capital to $3.2bn.
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Occurrence retro rates are among the segments where rate pressure is abating, although the outlook remains somewhat opaque in a late renewal.
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The carrier’s long-standing client Alfa has become an equity investor.
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The carrier joins peers such as Hamilton Re in raising fresh funds to attack the tight retro market.
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The deal will come into effect on 1 October, with the specialty player's gross lines likely to scale up by a quarter.
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Total equity and debt raised this year if the $300mn target is reached would approach $1.5bn.
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