Herbie Re Ltd. Series 2021-1

Fidelis is set to benefit from a roughly $98 million additional retrocessional reinsurance recovery from its aggregate industry-index trigger Herbie Re Ltd. (Series 2021-1) catastrophe bond, as losses from the California wildfires, added to those from hurricanes Helene and Milton earlier in the risk period, have eaten into the remaining principal of these notes.

The market is anticipating specialty insurance and reinsurance company Fidelis will benefit from recoveries under two of its Herbie Re catastrophe bonds, as losses from hurricane Ian and the Tukey earthquake are expected to erode some of the principal of two tranches of notes.

Catastrophe bonds sponsored by specialty insurance and reinsurance company Fidelis Insurance Holdings Limited have been marked down by as much as 10%, or slightly more, as industry loss expectations for hurricane Ida rise, while some of the other exposed cat bonds have also seen more price declines.

Fidelis Insurance Holdings Limited, the specialty insurance and reinsurance underwriter, has now successfully secured its latest Herbie Re Ltd. (Series 2021-1)  catastrophe bond at the upsized $150 million, while pricing of the notes fell by 5% below the initial mid-point of guidance.

Specialty insurance and reinsurance company Fidelis Insurance Holdings Limited has tripled its target for its latest catastrophe bond, with the worldwide multi-peril protection from its Herbie Re Ltd. (Series 2021-1) looking set to grow to $150 million.

Fidelis has returned to the catastrophe bond market for its third transaction and with this currently $50 million Herbie Re Ltd. (Series 2021-1) deal the company is seeking to significantly expand the covered perils and territories included.