Bermuda-based insurance and reinsurance holding company, Fidelis Insurance Holdings Limited, has confirmed that it intends to pursue an initial public offering of its common shares, following the establishment of Fidelis MGU last month.
The recent creation of the new managing general underwriter ‘bifurcated’ the business from Fidelis’ existing balance sheet insurance companies.
The capital structure of Fidelis Insurance Group capital remains unchanged after the split, but rating agencies are keeping Fidelis under review with negative implications due to the potential for disruption.
And now, Fidelis has announced the submission of a draft registration statement on Form F-1 with the Securities and Exchange Commission (SEC) relating to a proposed IPO of its shares.
The number of common shares to be offered and the price range for the proposed offering have not yet been determined, the company reported.
But the registration statement is expected to become effective, subject to market and other conditions, after the SEC completes its review process.
Also located in Bermuda, Fidelis MGU’s executive committee is led by Richard Brindle as Chairman & Group CEO, with Charles Mathias as Deputy Chairman & Group Executive Director, Richard Coulson as CEO of Insurance & UK Chief Underwriting Officer, and Richard Holden as CEO of Reinsurance.
Its principal equity investors are Capital Z Partners, The Travelers Companies, Inc., Blackstone, Further Global Capital Management and Alfa Insurance. In addition, Blackstone is leading the debt financing to Fidelis MGU, with Oak Hill Advisors (OHA) and Barings also participating in the debt and providing equity.
