The Fidelis Partnership has secured catastrophe bond protection for one of its Lloyd’s syndicates through a $75 million issuance, marking another step in the growth of its reinsurance platform.

The company said Syndicate 3123 completed the Woody Re 2026-1 cat bond transaction through a segregated account of Arthur Re Ltd, a Gallagher Re platform, working with Asta Managing Agency Ltd, the syndicate's managing agent.

The three-year bond provides reinsurance protection against losses from named storms, earthquakes, severe thunderstorms, winter storms and wildfires across North America through June 30, 2029.

The transaction is the first cat bond protection arranged for Syndicate 3123 since its launch in 2024.

The syndicate underwrote about $200 million in gross written premiums during its first year and has approval to write more than $1 billion in gross written premiums in 2026.

TFP said the issuance forms part of its capital management strategy by supplementing traditional reinsurance with capital markets capacity to diversify its protection programme as the business expands.

David Woods, head of portfolio and exposure and Ireland chief executive 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.”