Fidelis Insurance Bermuda Limited has successfully placed $75 million of Series 2026-1 Class A Principal-at-Risk Variable Rate Notes under the Herbie Re Ltd. program, marking the eighth catastrophe bond issuance for Herbie Re. The bond provides annual aggregate, industry-loss triggered protection for earthquakes in the United States and the District of Columbia, with coverage extending through the end of 2029. Priced on January 16, 2026, and closed on January 22, 2026, the deal was structured and led by Aon Securities LLC, with counsel from Willkie Farr & Gallagher (UK) LLP. This transaction strengthens Fidelis’s collateralized retrocessional reinsurance framework, complementing existing quota share agreements, excess of loss treaties and industry loss warranties.

Fidelis Insurance Group continues to trade below its book value despite delivering a 21.4% return on equity and a 79% combined ratio in the third quarter, driven by a benign catastrophe environment and disciplined underwriting. The company offers a secure 3.3% dividend yield and maintains insurer financial strength ratings of A from AM Best, A- from S&P and A3 from Moody’s. Its exclusive underwriting partnerships, niche market focus and highly diversified portfolio underpin a steady policy pipeline and support sustainable premium growth. Analysts rate Fidelis as a 'Strong Buy,' emphasizing that current valuation levels present a favorable risk/reward profile for patient investors.