Herbie Re Ltd. Series 2022-1

In a clear signal of catastrophe bond market pricing and cat bond investor demand for adequate returns, Fidelis’ new Herbie Re Ltd. (Series 2022-1)  catastrophe bond has been priced at a below-target size of $80 million, with the risk interest spread fixed at roughly 30% above the initially marketed mid-point.

Despite the fact the initial risk interest spread offered for Fidelis’ new Herbie Re Ltd. (Series 2022-1)  catastrophe bond had been raised roughly 30% above the initial mid-point of price guidance, the targeted size has been reduced somewhat in the final stage of marketing the deal, Artemis is told.

The initial risk interest spread for Fidelis Insurance’s new Herbie Re Ltd. (Series 2022-1) North America earthquake focused catastrophe bond has been lifted roughly 30% during marketing, in another sign of cat bond investors’ demand for higher returns.

Specialty insurance and reinsurance company Fidelis Insurance Holdings Limited is back in the catastrophe bond market with a $100 million or greater target for the new Herbie Re Ltd. (Series 2022-1) which is focused on earthquake risks in North America, Artemis has learned.