Fidelis Insurance closes $90m Herbie Re cat bond

Global specialty insurer Fidelis Insurance Group has successfully closed the seventh iteration of its Herbie Re catastrophe bond, providing the group with $90 million of collateralized reinsurance protection.

The newly issued Series 2025-1 Notes will cover insured industry losses from a range of natural catastrophes, including earthquakes and named storms in North America, as well as US severe thunderstorm, wildfire, winter storms, Caribbean earthquake.

The notes will also cover Japan typhoons and earthquakes; in Canada severe storms and winter storm; European windstorm, Italy earthquake, Türkiye earthquake; Australia earthquake and tropical cyclone; and New Zealand earthquake.

This protection, as reported by PCS and/or PERILS, is on an annual aggregate basis and is expected to provide Fidelis roughly two years of protection, ending June 2, 2027.

You can read more about the Herbie Re Ltd. (Series 2025-1) catastrophe bond, and all others in the deal directory of our sister publication, Artemis.

Ian Houston, Fidelis Insurance Group Chief Underwriting Officer, 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, offering significant capital efficiency 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 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.”

The catastrophe bond was priced on May 27, 2025, and closed on May 30, 2025.

Aon Securities LLC served as the Sole Structuring Agent and Sole Bookrunner for this transaction. Legal counsel for Fidelis Insurance Group and Herbie Re was provided by Willkie Farr & Gallagher (UK) LLP.

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