Fidelis raises $300m for growth

Re/insurer Fidelis Insurance Holdings (Fidelis) 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 Fidelis’ further growth.

Fidelis operates a “four-pillar” strategy across bespoke, reinsurance and specialty underwriting units, together with its fee income business, Socium. The four-pillar model provides Fidelis with diversified income streams which allow the company to target opportunities across the insurance cycle.

Richard Brindle, chairman and group CEO of Fidelis, said: “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.

“This successful capital raise is further validation of the Fidelis business model and recognises our market-leading performance to date. It has given us significant firepower in a market where we are seeing attractive opportunities. 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.

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