Fidelis secures $90m in latest Herbie Re cat bond
Fidelis has secured $90 million of reinsurance protection via its seventh Herbie Re cat bond.
Specifically, this seventh series of notes covers the Bermuda-based re/insurer for two years against multiple perils including storms and wildfires across the US, earthquakes and typhoons in Japan, storms in Canada, windstorms in Europe, earthquakes in Italy and Turkey and cyclones/earthquakes across Australia and New Zealand.
Fidelis has raised nearly $900 million worth of reinsurance cover through its Herbie programme to date.
Ian Houston (pictured left), Fidelis Insurance Group chief underwriting officer, said: “Continuing to build on the current Herbie Re catastrophe Bond programme, 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 (pictured right), deputy group chief underwriting officer at The Fidelis Partnership, added: “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 programme to market. This new tranche of coverage builds on the strength of the existing programme supporting The Fidelis Partnership as it continues to capitalise 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 acted as sole structuring agent and sole bookrunner for the deal. Willkie Farr & Gallagher (UK) advised as counsel for Fidelis Insurance Group and Herbie Re.
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