Fidelis Sponsors New Herbie Re Cat Bond
Fidelis Insurance Bermuda Limited has successfully placed a new catastrophe bond, the company announced.
A spokesperson said, “Fidelis Insurance Holdings Limited, a global specialty insurer, announced today that Fidelis Insurance Bermuda Limited [“FIBL”] has successfully placed a new catastrophe bond through the issuance of Series 2026-1 Class A Principal-at-Risk Variable Rate Notes [the “Series 2026-1 Notes”], by the Herbie Re Ltd. program [“Herbie Re”].
“This is the eighth series of notes issued by Herbie Re and will provide Fidelis Insurance Group with annual aggregate, industry-loss triggered protection against losses from earthquakes aecting the United States and District of Columbia. The $75 million in Herbie Re Series 2026-1 Notes will provide Fidelis Insurance Group with a source of annual aggregate collateralized retrocessional reinsurance protection over an almost four year term through the end of 2029.”
Ian Houston, Fidelis Insurance Group Chief Underwriting Ocer, said “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 eciency 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 includes quota share agreements, excess of loss treaties, and industry loss warranties.”
A spokesperson added, “The catastrophe bond priced on January 16, 2026, and closed on January 22, 2026. Aon Securities LLC acted as Sole 1 Structuring Agent and Sole Bookrunner for the deal. Willkie Farr & Gallagher [UK] LLP acted as counsel for Fidelis Insurance Group and Herbie Re.”
