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Fidelis raises $300mn of equity capital for growth

11th February 2020 - Author: Luke Gallin

Bermuda domiciled insurance and reinsurance firm, Fidelis Insurance Holdings Limited, has secured around $300 million of equity capital from existing stakeholders and a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA).

As the re/insurer welcomes ADIA as a new investor to the firm, Fidelis states that the proceeds from the capital raise will be used to support further growth.

The firm explains that it operates a Four Pillar strategy across Bespoke, Reinsurance and Specialty underwriting divisions, together with Socium, the firm’s fee income operation. Fidelis adds that its Four Pillar business model provides it with diversified income streams, enabling it to target the best opportunities across the insurance cycle.

Chairman and Group Chief Executive Officer (CEO) of Fidelis, Richard Brindle, commented: “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.

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