Fidelis Insurance Bermuda Limited (FIBL), part of Fidelis Insurance Group, has successfully placed a new catastrophe bond, providing its parent with annual aggregate, industry-loss triggered protection against losses from earthquakes affecting the United States and the District of Columbia.
The new catastrophe bond was placed through the issuance of Series 2026-1 Class A Principal-at-Risk Variable Rate Notes by the Herbie Re program.
The $75 million in Herbie Re Series 2026-1 Notes will provide Fidelis Insurance Group with a source of annual aggregate collateralised retrocessional reinsurance protection over an almost four-year term through the end of 2029.
As reported extensively by our sister publication Artemis, this marks the eighth series of notes issued by Herbie Re.
Aon Securities LLC reportedly acted as Sole Structuring Agent and Sole Bookrunner for the deal, while Willkie Farr & Gallagher (UK) LLP acted as counsel for Fidelis Insurance Group and Herbie Re.
Ian Houston, Fidelis Insurance Group Chief Underwriting Officer, commented, “Building on the success of our Herbie Re Catastrophe Bond program, we are pleased to announce the latest issuance for Fidelis Insurance Group.
“Catastrophe bonds remain a crucial element of our comprehensive capital management and external protection framework, delivering substantial capital efficiency and robust protection against severe events.
“This new issuance extends coverage across our entire portfolio, including business written through The Fidelis Partnership and New Underwriting Partnerships, further strengthening our reinsurance protections, which also include quota share agreements, excess of loss treaties, and industry loss warranties.”
