Reinsurance News

Fidelis raises another $300 million

18th June 2020 - Author: Luke Gallin

Fidelis Insurance Holdings Limited has announced the closing of its offering of $300 million aggregate principal amount of 4.875% Senior Notes due 2030, taking the aggregate amount of capital committed to be raised by the firm to more than $1 billion in the last six months.

The company explains that the Notes have a 10-year maturity and a fixed-rate coupon of 4.875% payable semi-annually. The Notes have received Tier 3 Capital treatment under the Bermuda Monetary Authority’s (BMA) Group Supervision Rules.

The specialty insurance and reinsurance firm announced on June 10th that it had executed agreements to raise an additional $500 million of equity capital from existing investors.

This followed news in February that Fidelis had raised around $300 million of equity capital from existing stakeholders and a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA).

Combined, the offering of Notes announced today brings the aggregate capital committed to be raised by Fidelis in the last six months to more than $1 billion, taking the company’s total capital to over $2 billion.

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