Fidelis Insurance Closes Catastrophe Bond
Fidelis Insurance Group announced that Fidelis Insurance Bermuda Limited has secured $90 million in collateralized reinsurance protection through the issuance of Series 2025-1 notes from its Herbie Re catastrophe bond program.
A spokesperson said, “Fidelis Insurance Holdings Limited, a global specialty insurer, announced today that Fidelis Insurance Bermuda Limited [“FIBL”] has successfully closed a new catastrophe bond through the issuance of the Series 2025-1 Class A Principal-at-Risk Variable Rate Notes [the “Series 2025-1 Notes”], by its Herbie Re Ltd. program [“Herbie Re”].
“This is the seventh series of notes issued by Herbie Re and will provide the Fidelis Insurance Group with $90 million of collateralized reinsurance protection. The Series 2025-1 Notes issued will be exposed to insured industry losses resulting from North America named storm, North America earthquake, US severe thunderstorm, US wildre, US winter storms, US Caribbean earthquake, Japan typhoon, Japan earthquake, Canada severe storm, Canada winter storm, European windstorm, Italy earthquake, Turkey earthquake, Australia earthquake, Australia tropical cyclone, and NZ earthquake as reported by PCS and/or PERILS, on an annual aggregate basis. The Series 2025-1 Notes are expected to provide the Fidelis Insurance Group with approximately two years of protection, with the Risk Period scheduled to end on June 7, 2027.”
Ian Houston, Fidelis Insurance Group Chief Underwriting Ocer, said “Continuing to build on the current Herbie Re Catastrophe Bond program, we are pleased to announce the most recent issuance for Fidelis Insurance Group. These bonds are a vital part of our extensive capital management and external protection strategy, oering signicant capital eciency and safeguarding against severe events. This issuance enhances our overall reinsurance strategy, which encompasses quota share agreements, excess of loss treaties, and industry loss warranties.”
Richard Coulson, Deputy Group Chief Underwriting Ocer at The Fidelis Partnership, commented “We are pleased to have partnered closely with Ian Houston and the team at Fidelis Insurance Group, to bring the latest series of the Herbie Re Catastrophe Bond program to market. This new tranche of coverage builds on the strength of the existing program supporting The Fidelis Partnership as it continues to capitalize on opportunities across catastrophe-exposed lines of business in 2025 and beyond.”
A spokesperson added, “The catastrophe bond was priced on May 27, 2025, and closed on May 30, 2025. Aon Securities LLC acted as Sole Structuring Agent and Sole Bookrunner for the deal. Willkie Farr & Gallagher [UK] LLP advised as counsel for Fidelis Insurance Group and Herbie Re.”
