Travelers takes a bite of Richard Brindle-led Fidelis
Bermuda-based Fidelis Insurance Holdings has raised additional capital by agreeing a deal with property/casualty insurer Travelers Companies.
The transaction will see Travelers make a strategic investment in the Richard Brindle-led re/insurer in exchange for a minority stake in the company.
Fidelis was advised by TigerRisk Capital Markets & Advisory and Willkie Farr & Gallagher (UK)
Fidelis offers specialty, bespoke and reinsurance products. The company also has a fee income business, which supports its insurance operations.
Hinal Patel, group chief financial officer of Fidelis, said: “We are delighted to welcome Travelers to our shareholder panel. Travelers and Fidelis are leaders in their fields, with proven track records in our respective markets. We believe that there will be opportunities to learn from each other and work together.”
Greg Toczydlowski, executive vice president and president of business insurance at Travelers, added: “We are pleased to invest in a talented and proven management team and look forward to gaining insights from them into the specialty, non-admitted market. As an innovative company with a successful track record, Fidelis is an excellent fit for our investment appetite.”
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