Bermuda-based insurance and reinsurance holding company, Fidelis Insurance Holdings Limited, has announced that The Travelers Companies, Inc. has made a strategic minority investment in Fidelis.
Terms of the transaction, which sees Fidelis raise additional capital with a strategic investor, were not disclosed.
Fidelis operates a Three Pillar strategy across bespoke, reinsurance and specialty, as well as its fee income business supporting the aforementioned pillars, Socium.
Fidelis states that its Three Pillar approach provides it with more diversified income streams, which in turn allow it to target the most profitable opportunities across the market cycle.
Hinal Patel, Group Chief Financial Officer (CFO) of Fidelis, commented: “We are delighted to welcome Travelers to our shareholder panel. Travelers and Fidelis are leaders in their fields, with proven track records in our respective markets. We believe that there will be opportunities to learn from each other and work together.”
Greg Toczydlowski, Executive Vice President and President of Business Insurance at Travelers, said: “We are pleased to invest in a talented and proven management team and look forward to gaining insights from them into the specialty, non-admitted market.
“As an innovative company with a successful track record, Fidelis is an excellent fit for our investment appetite.”
Towards the end of 2020, Fidelis raised a further $185 million from investors to support its growth plan.
