The Fidelis Partnership (TFP), a specialty insurance and reinsurance group, has announced that Syndicate 3123, one of its Lloyd’s syndicates, has successfully secured $75 million of reinsurance protection from the capital markets through its first catastrophe bond transaction, Woody Re 2026-1.
Facilitated through a segregated account of Arthur Re Ltd., a Gallagher Re platform, and in collaboration with Asta Managing Agency Ltd as managing agent of Syndicate 3123, the cat bond notes have a three-year term ending June 30th, 2029.
This coverage protects Syndicate 3123 against North American perils, including wildfire events, winter storms, severe thunderstorms, earthquakes, and named storms.
The transaction represents another important milestone in Syndicate 3123’s development following its launch in 2024, when it underwrote approximately $200 million of gross written premium.
The Syndicate’s growth to an approved gross written premium of more than $1 billion for 2026 highlights TFP’s disciplined approach to capital management.
By complementing traditional reinsurance with capital markets capacity, the Syndicate aims to continue to build a diversified and resilient protection programme to support its further growth.
David Woods, Head of Portfolio & Exposure and Ireland Chief Executive Officer at The Fidelis Partnership, commented: “Securing this cat bond protection for Syndicate 3123 is an important step in building out a diversified, resilient reinsurance programme as the Syndicate continues to grow.
“The strong investor demand and pricing we achieved reflects confidence in TFP’s underwriting and the quality of our portfolio. Accessing the capital markets through this structure gives us another efficient tool to manage risk alongside our traditional reinsurance partnerships, and we look forward to continuing to build on this relationship with Gallagher Re and Arthur Re going forward.”
To read more details about Woody Re 2026-1 or other catastrophe bonds, visit our sister publication Artemis’ Deal Directory.
