12 February 2020Insurance

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.

Get all the latest re/insurance industry news with our daily newsletter -  sign up here.

​​​Profits at Arch jump to $1.6bn as reinsurance unit grows
Reinsurance unit drives solid growth at MAPFRE as earnings spike
Watford posts 2019 profit despite Q4 reserve strengthening
Metromile and Tokio Marine expand partnership to streamline claims
Oxbow Partners appoints head of market intelligence
Life & Pensions insurers mired in legacy must leverage BPaaS—Everest Group
DARAG completes dual acquisitions in UK expansion

Don't miss our insurtech email newsletter - sign up today

Already registered?

Login to your account

To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.

Two Weeks Free Trial

For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk


More on this story

Insurance
4 June 2020   AM Best cited its strong balance sheet and 'excellent' senior management team.
Insurance
10 June 2020   The Bermuda re/insurer also cited an ILS retrenchment s offering opportunities.
Insurance
10 December 2020   The re/insurer looks to take advantage of the hardening market and further build its portfolio in 2021.