Herbie Re Ltd

Fidelis Insurance has now secured its biggest catastrophe bond issuance, as the $375 million of Herbie Re Ltd. (Series 2024-2) notes have now been priced to provide the company multi-peril annual aggregate retrocessional reinsurance protection.

Fidelis Insurance is now looking to upsize its newest catastrophe bond issuance, with the Herbie Re Ltd. (Series 2024-2) transaction aimed to secure the company $375 million in retrocessional reinsurance.

Fidelis Insurance is back in the catastrophe bond market and seeking to sponsor what will be its sixth Herbie Re catastrophe bond, with a target to secure its largest issuance yet as the Herbie Re Ltd. (Series 2024-2) transaction targets more than $300 million in retrocessional reinsurance for the company.

With the recent successful completion of its fifth catastrophe bond in the Herbie Re series of deals, Fidelis Insurance Group finds the cat bonds offer a “critical component” of its capital management and protection arrangements, Ian Houston, Chief Underwriting Officer has said.

Fidelis Insurance has now finalised its latest catastrophe bond Herbie Re Ltd. (Series 2024-1) to provide the originally targeted $150 million of industry-loss triggered retrocession, but at significantly reduced pricing as the spreads fell to the bottom of the twice reduced range.

Fidelis Insurance has lowered the spread guidance for its new catastrophe bond issuance for the second time, now aiming to secure the targeted $150 million of industry-loss triggered retrocession from the Herbie Re Ltd. (Series 2024-1) cat bond at a pricing level further below the initial guidance.

Having been out in the catastrophe bond market with its latest issuance for a fortnight, specialty insurance and reinsurance company Fidelis Insurance has now lowered the guidance for the deal, aiming to secure the targeted $150 million of industry-loss triggered retrocession from the Herbie Re Ltd. (Series 2024-1) cat bond at pricing below the initial […]

Specialty insurance and reinsurance company Fidelis Insurance is back in the catastrophe bond market, seeking $150 million or more in capital markets backed and industry-loss triggered retrocessional reinsurance, with a Herbie Re Ltd. (Series 2024-1) cat bond issuance.

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.

The maturity date has been extended for one of the classes of notes issued under the Herbie Re Ltd. catastrophe bond program, which is sponsored by Specialty insurance and reinsurance company Fidelis.