Fidelis Insurance Bermuda Limited (FIBL) has successfully closed a new catastrophe bond in the fifth series of notes issued by its Bermuda-based special purpose insurer Herbie Re Ltd., which will provide Fidelis Insurance Group with $150 million of collateralized reinsurance protection.
The Series 2024-1 notes issued will reportedly be exposed to insured industry losses resulting from Named Storm and Earthquake Covered Events occurring in the fifty states of the United States and the District of Columbia, Puerto Rico and the U.S. Virgin Islands, as reported by PCS, on an annual aggregate basis. Fidelis stated that it has the option to renew the notes on an annual basis, up to a maximum of four complete annual risk periods.
Read more on this Herbie Re Ltd. (Series 2024-1) catastrophe bond, and all others, in the deal directory of our sister publication, Artemis.
Ian Houston, Fidelis Insurance Group Chief Underwriting Officer, commented, “Fidelis Insurance Group is excited to have in place the latest issuance under the Herbie Re Catastrophe Bond program.
“These bonds remain a critical component of our comprehensive capital management and outwards protection strategy, providing important capital relief and downside protection. They complement our other purchases such as quota share, excess of loss and ILWs to support the work of Fidelis MGU.”
Richard Coulson, Deputy Group Chief Underwriting Officer at Fidelis MGU, said, “We have worked in close alignment with the Fidelis Insurance Group to bring this series to market which builds on their current Herbie Re Catastrophe Bond program.
“This tranche of cover is the latest tool employed by Fidelis Insurance Group to enable us to capitalize on opportunities across catastrophe-exposed lines of business in 2024 and beyond.”
