The Fidelis Partnership's Syndicate 3123 secures first catastrophe bond protection through $75 million Woody Re issuance

The Fidelis Partnership ("TFP") today announces that Syndicate 3123, one of its Lloyd's syndicates, has secured its first catastrophe bond protection through the successful execution of the $75 million Woody Re 2026-1 (“Woody Re”) issuance, through a segregated account of Arthur Re Ltd., a Gallagher Re platform and in conjunction with Asta Managing Agency Ltd as managing agent of Syndicate 3123.

The Woody Re notes provide Syndicate 3123 with reinsurance protection against losses from named storms, earthquakes, severe thunderstorms, winter storms and wildfire events across North America, over a three-year term ending 30 June 2029.

The transaction represents another important milestone in Syndicate 3123's development following its launch in 2024, when it underwrote approximately $200 million of gross written premium. Having grown to an approved gross written premium of more than $1 billion for 2026, the transaction demonstrates TFP's disciplined approach to capital management. By complementing traditional reinsurance with capital markets capacity, the Syndicate continues to build a diversified and resilient protection programme to support its continued growth.

David Woods, Head of Portfolio & Exposure and Ireland Chief Executive Officer at The Fidelis Partnership, commented: "Securing this cat bond protection for Syndicate 3123 is an important step in building out a diversified, resilient reinsurance programme as the Syndicate continues to grow. The strong investor demand and pricing we achieved reflects confidence in TFP's underwriting and the quality of our portfolio. Accessing the capital markets through this structure gives us another efficient tool to manage risk alongside our traditional reinsurance partnerships, and we look forward to continuing to build on this relationship with Gallagher Re and Arthur Re going forward."