Fidelis Insurance Bermuda Limited (FIBL) successfully closed a new catastrophe bond through the issuance of the Series 2024-2 Class A, Class B, and Class C Principal-at-Risk Variable Rate Notes. This transaction enhances the company's reinsurance protection.
The catastrophe bond provides collateralized reinsurance protection for Named Storm and Earthquake Covered Events in the U.S. for a multi-year period. This initiative is part of Fidelis's strategy to manage its exposure to natural catastrophe risks.
This issuance contributes to the additional $525 million in collateralized reinsurance protection secured through two new tranches of the Herbie Re catastrophe bond program in 2024. Such measures are critical for maintaining a robust balance sheet and managing large-scale event risks.
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