Specialty insurance and reinsurance group Fidelis Partnership (TFP) has announced that one of its Lloyd’s syndicates, Syndicate 3123, has successfully secured $75 million in reinsurance protection from the capital markets through its first catastrophe bond transaction, Woody Re 2026-1.
The catastrophe bond notes have a three-year term ending on June 30, 2029, through a segregated account of Arthur Re Ltd., the Gallagher Re platform, and in partnership with Asta Management Agency Ltd as the managing agent of Syndicate 3123.
This coverage protects Syndicate 3123 from North American hazards, including wildfire events, winter storms, severe thunderstorms, earthquakes and named storms.
The transaction is another important milestone in Syndicate 3123’s development following its launch in 2024, when it wrote approximately $200 million in gross premiums.
The syndicate’s approved gross written premiums will grow to more than $1 billion by 2026, underscoring TFP’s disciplined approach to capital management.
By complementing traditional reinsurance with capital markets capabilities, the syndicate aims to continue to build a diverse and resilient protection program to support its further growth.
David Woods, Head of Portfolio and Risk Exposure and Chief Executive Ireland, The Fidelis Partnership, commented: “Providing Syndicate 3123 with jumbo bond protection is an important step in building a diversified, resilient reinsurance program as it continues to grow.
“The strong investor demand and pricing we have achieved reflect confidence in TFP’s underwriting and the quality of our portfolio. Accessing the capital markets through this structure provides us with another effective tool to manage risk alongside traditional reinsurance partnerships, and we look forward to continuing to build this relationship with Gallagher Re and Arthur Re.”
To learn more details about Woody Re 2026-1 or other catastrophe bonds, please visit our sister publication Artemis’ Deal Directory.
