The Fidelis Partnership completes first catastrophe bond for Syndicate 3123

The Fidelis Partnership has completed its first catastrophe bond, securing $75 million of reinsurance protection for Lloyd’s Syndicate 3123 as the MGA continues to diversify its capital sources and support the syndicate’s growth.

Woody Re provides Syndicate 3123 with reinsurance protection against losses from named storms, earthquakes, severe thunderstorms, winter storms and wildfire events across North America for the next three years, ending June 30, 2029.

This year Syndicate 3123 will underwrite more than $1 billion worth of premium.

David Woods, head of portfolio & exposure and Ireland CEO at TFP, said: “Securing this cat bond protection for Syndicate 3123 is an important step in building out a diversified, resilient reinsurance programme as the syndicate continues to grow. The strong investor demand and pricing we achieved reflects confidence in TFP’s underwriting and the quality of our portfolio. 

“Accessing the capital markets through this structure gives us another efficient tool to manage risk alongside our traditional reinsurance partnerships, and we look forward to continuing to build on this relationship with Gallagher Re and Arthur Re going forward.”

Pelagos (formerly Fidelis Insurance Group), the go-to capital provider for TFP, has issued eight catastrophe bonds to date, the most recent being its $75 million worth of retrocessional reinsurance protection in January 2026 through its Herbie Re instrument.  

While technically sponsored by the then Fidelis Insurance, these bonds provide broad retrocessional reinsurance protection across the entire underwriting portfolio, including business written through The Fidelis Partnership.

Did you get value from this story? Sign up to our free newsletters and get stories like this sent straight to your inbox.