Fidelis launches new sidecar Socium Re on Bermuda
Fidelis Insurance Holdings has formed a new Bermuda-domiciled special purpose insurer, which it plans to use to provide collateralised capacity support for Fidelis’ reinsurance portfolio.
Socium Re has entered into a quota share agreement with Fidelis, incepting 1 June 2018, under which it will reinsure a share of Fidelis’ worldwide excess of loss portfolio.
The vehicle has secured capital commitments of approximately $50 million. This includes capital from third-party investors, together with approximately $5 million from Fidelis. The sidecar sits alongside Fidelis’ rated quota share partners and Fidelis intends to grow both strategies.
Philip Vandoninck, executive head of partnerships and head of International Reinsurance, said: “This is an important step in the development of our business strategy. We have been pleased with the capital markets interest in our reinsurance portfolio and received commitments at almost double the targeted capital raise amount. In 2017, Fidelis’ reinsurance portfolio significantly outperformed the market, and this will have positively influenced investor interest in this transaction.”
Fidelis partnered with Aon Securities for this transaction, with the Horseshoe Group handling the operational aspects.
Make sure you are GDPR compliant and confirm your email address to keep getting our daily emails
More of today's news
Ryan Specialty secures $175m PE investment to fund growth
Lloyd’s broker AFL launches ILS and risk advisory business in London
BPL Global opens new Swiss branch as senior leader returns from UBS
Capsicum Re launches new US cyber hub as demand increases
Already registered?
Login to your account
If you don't have a login or your access has expired, you will need to purchase a subscription to gain access to this article, including all our online content.
For more information on individual annual subscriptions for full paid access and corporate subscription options please contact us.
To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.
For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk
Editor's picks
Editor's picks
More articles
Copyright © intelligentinsurer.com 2024 | Headless Content Management with Blaze