Fidelis Insurance Holdings, a strategic capital allocator and risk selector in specialty insurance and reinsurance, has entered into a definitive agreement to repurchase all remaining common shares held by CVC Falcon Holdings Limited (CVC), for an aggregate purchase price of $163,346,230.00.
According to the announcement, Fidelis has agreed to repurchase 8,597,170 common shares at $19.00 per share.
As per the terms of the repurchase, CVC will no longer hold any ownership interest in Fidelis Insurance Group.
Sidley Austin LLP served as legal advisor to Fidelis Insurance Group in connection with the transaction.
Dan Burrows, Fidelis Insurance Group CEO, commented: “We are pleased to announce the repurchase of CVC’s remaining shares at a compelling value. This transaction, completed below our year-end diluted book value per common share of $24.61, is expected to deliver meaningful accretion to our book value per share and return on average equity.”
“We appreciate CVC’s longstanding support and investment in Fidelis Insurance Group. As we move forward, our strong financial position and ongoing momentum reinforce our commitment to creating long-term value for all our shareholders.”
Daniel Brand, Partner, US Head of Financial Services and Co-Head of Business Services at CVC, said: “As a founding investor, we are very proud of all that Fidelis Insurance Group, and its talented and accomplished management team, have achieved. We wish them continued success in the future.”
Fidelis Insurance Group recently declared its intention to change its name to Pelagos Insurance Capital Limited. The company anticipates commencing trading under the new ticker symbol (NYSE: PLGO) in May 2026, subject to all necessary regulatory and legal approvals.
