Fidelis moves ahead with IPO to grow in bespoke and specialty
Dan Burrows-led Bermuda-based re/insurer Fidelis Insurance Holdings has filed a preliminary IPO prospectus with the US Securities and Exchange Commission (SEC).
The company intends to list its common shares on the New York Stock Exchange (“NYSE”) under the symbol “FIHL.” Following this offering, FIHL will operate and control all of the business and affairs and consolidate the financial results of Fidelis and its consolidated subsidiaries.
The move follows the submission of a draft registration with SEC in March in the wake of its business split. In a ground-breaking transaction, Fidelis completed the creation of a new managing general underwriter (MGU), led by Richard Brindle, separate from its existing balance sheet insurance companies, in a bid to target opportunities that offer a “compelling balance of risk and reward” for its shareholders and help scale the business in favourable market conditions.
The company’s strategy involves expanding presence in bespoke and specialty, generating underwriting profits and maintaining diversification and low volatility.
Fidelis intends to use the proceeds from IPO to make capital contributions to its operating insurance subsidiaries in order to grow our business and the remainder for general corporate purposes, the firm explained in SEC filing
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