Fidelis Insurance Holdings Limited (NYSE:FIHL), a global specialty insurer, has successfully closed a new catastrophe bond through its Herbie Re Ltd. program. The Series 2025-1 Notes issued will provide $90 million of collateralized reinsurance protection against various natural disasters, including North America named storms, earthquakes, and European windstorms.
Key Details of the Catastrophe Bond
The Series 2025-1 Notes are exposed to insured industry losses from multiple perils on an annual aggregate basis. The coverage is expected to last approximately two years, with the Risk Period scheduled to end on June 7, 2027.
Quotes from Industry Leaders
Ian Houston, Fidelis Insurance Group Chief Underwriting Officer, stated, “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, offering significant capital efficiency and safeguarding against severe events.”
Richard Coulson, Deputy Group Chief Underwriting Officer 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.”
Transaction Details
- 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.
About Fidelis Insurance Group
Fidelis Insurance Group is a global specialty insurer that leverages strategic partnerships to offer innovative insurance solutions. Headquartered in Bermuda, with offices in Ireland and the United Kingdom, the company’s operating entities have an insurer financial strength rating of A from AM Best, A- from S&P, and A3 from Moody’s.
About The Fidelis Partnership
The Fidelis Partnership is a leading privately-owned, Bermuda-headquartered Managing General Underwriter. It specializes in property, bespoke, and specialty insurance and reinsurance products. The company also provides ceded reinsurance, claims handling, exposure management, and portfolio analytics services.
