Fidelis Insurance Holdings Ltd. announced it has raised approximately $300 million of equity capital from a combination of its existing shareholders and a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA), in order to support further growth.
Fidelis, the Bermuda-based re/insurer, operates a “four-pillar” strategy across Bespoke, Reinsurance and Specialty underwriting units, together with its fee income business, Socium. Fidelis said the four-pillar model provides it with diversified income streams which help the company “target the most compelling opportunities across the insurance cycle.”
“The capital raise in addition to the accumulated profits from 2019 position Fidelis excellently for the increasingly positive market conditions, particularly in certain specialty and reinsurance segments, and will give Fidelis capacity for growth and greater influence in its chosen markets,” said Richard Brindle, chairman and group CEO of Fidelis.
The successful gives Fidelis “significant firepower in a market where we are seeing attractive opportunities,” Brindle continued. “We are delighted to have secured a further vote of confidence from our existing shareholders and also to welcome ADIA as a new investor to the company.”
Fidelis was advised on the transaction by Evercore and Willkie Farr & Gallagher.
Source: Fidelis Insurance Holdings Ltd.
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