Fidelis places $75m Herbie Re 2026 retro cat bond
Fidelis Insurance Bermuda, part of global specialty reinsurer Fidelis Insurance, has placed a $75 million catastrophe bond providing collateralised retrocessional reinsurance protection against US earthquake losses.
Fidelis has placed the new catastrophe bond through Herbie Re, issuing Series 2026‑1 Class A Principal‑at‑Risk Variable Rate Notes.
This eighth series of notes provides $75 million in annual aggregate, industry-loss triggered protection against US earthquakes, including the District of Columbia, with collateralised retrocessional cover running through the end of 2029.
Ian Houston, chief underwriting officer at Fidelis Insurance Group, said: “Building on the success of our Herbie Re catastrophe bond programme, 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 efficiency 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.”
The Herbie Re 2026 catastrophe bond was priced on January 16 and closed on January 22. Aon Securities served as sole structuring agent and bookrunner, with Willkie Farr & Gallagher (UK) acting as legal counsel for Fidelis Insurance Group and Herbie Re.
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