Fidelis Insurance Group Sponsors New Herbie Re Ltd. Catastrophe Bond
Fidelis Insurance Holdings Limited (FIHL)
Company Research
Source: Business Wire
PEMBROKE, Bermuda--(BUSINESS WIRE)--Fidelis Insurance Holdings Limited (NYSE:FIHL) (“Fidelis Insurance Group” or “the Company”) announced today that Fidelis Insurance Bermuda Limited (“FIBL”) has successfully closed a new catastrophe bond through the issuance of the Series 2024-1 Class A Principal at Risk Variable Rate Notes and the Series 2024-1 Class B Principal at Risk Variable Rate Notes (together, the “Series 2024-1 Notes”) by its Herbie Re Ltd. program (“Herbie Re”).This is the fifth series of notes issued by Herbie Re and will provide the Fidelis Insurance Group with $150 million of collateralized reinsurance protection. The Series 2024-1 Notes issued will be exposed to insured industry losses resulting from Named Storm and Earthquake Covered Events occurring in the fifty states of the United States and the District of Columbia, Puerto Rico and the U.S. Virgin Islands, as reported by PCS, on an annual aggregate basis. Fidelis has the option to renew the Series 2024-1 Notes
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