Bermuda headquartered global specialty insurer Fidelis Insurance Holdings Ltd has announced that Fidelis Insurance Bermuda Ltd has successfully closed a new catastrophe bond through the issuance of the Series 2025-1 Class A Principal-at-Risk Variable Rate Notes, by its Herbie Re Ltd programme.

This is the seventh series of notes issued by Herbie Re and will provide the Fidelis Insurance Group with $90 million of collateralised reinsurance protection.

The Series 2025-1 Notes issued will be exposed to insured industry losses resulting from North America named storm, North America earthquake, US severe thunderstorm, US wildfire, US winter storms, US Caribbean earthquake, Japan typhoon, Japan earthquake, Canada severe storm, Canada winter storm, European windstorm, Italy earthquake, Turkey earthquake, Australia earthquake, Australia tropical cyclone and NZ earthquake.

The Series 2025-1 Notes are expected to provide the Fidelis Insurance Group with approximately two years of protection, with the risk period scheduled to end on June 7, 2027.

Ian Houston, 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, 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 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 and closed on May 30.