Fidelis Insurance Holdings Limited, a Bermuda-based insurance and reinsurance holding company, has now filed a preliminary IPO prospectus with the U.S. Securities and Exchange Commission (SEC) as it looks to list its common shares on the New York Stock Exchange (NYSE).
Back in January, Fidelis completed the creation of a new managing general underwriter (MGU) separate from its existing balance sheet insurance companies.
Following this deal, the Fidelis Insurance Group capital structure remained unchanged, as did its investors, apart from the purchase of a 9.9% stake in Fidelis Insurance Group by the Fidelis MGU from existing shareholders.
Ultimately, the separation transaction allows Fidelis to access the underwriting expertise of Fidelis MGU while allowing Fidelis MGU to attract and retain highly sophisticated underwriting talent, explains the firm.
Now the separation is complete, the firm’s objective remains to further solidify Fidelis’ position as a leading bespoke, specialty and property underwriter.
In March, Fidelis confirmed its intention to pursue an IPO of its common shares, and a preliminary prospectus has now been filed. However, being preliminary information is limited at this stage, so the F-1 does not disclose the amount or value of common shares in the IPO, so the value of expected proceeds is also currently unclear.
However, Fidelis does say that it intends to use the proceeds from the IPO to make capital contributions to its insurance operating subsidiaries in order to grow the business, with the remainder used for general corporate purpose.
