Created: March 01, 2023 4:35 p.m
Dan Burrows, Chief Executive Officer of Fidelis Insurance Group
Fidelis Insurance Holdings Ltd, the Bermuda-based international insurer, announced today that it has filed a draft registration statement for an initial public offering with the US Securities and Exchange Commission.
Fidelis said it has not yet determined how many common shares would be offered or the price range for the stock.
The company said, “The registration statement is expected to become effective, subject to market and other conditions, after the SEC completes its review process.”
The announcement comes after Fidelis “split” in January by creating a new managing general agency, Fidelis MGU.
Under the new structure, effective January 4, Fidelis MGU will be led by Chairman and Chief Executive Officer Richard Brindle and Fidelis Insurance Group will be led by Chief Executive Officer Dan Burrows.
The capital structure of Fidelis Insurance Group remained unchanged, as did its investors, apart from the acquisition of a 9.9 per cent stake in Fidelis Insurance Group by Fidelis MGU from existing shareholders, creating an additional alignment.
Upon completion, Mr. Brindle and the Fidelis MGU team should retain a significant personal interest in the Fidelis Insurance Group and be significant shareholders in Fidelis MGU.
Mr Brindle said at the time: “This was a landmark transaction which will allow the separate entities to focus on what they do best and we are very keen to move forward and focus on our clients and brokers. I would like to thank everyone involved in this transaction and I look forward to the future of these two companies.”
Mr Burrows said: “Fidelis Insurance Group will benefit from the provision of long-term capacity to the Fidelis MGU, together with mechanisms to ensure alignment between the separate entities.
“We look forward to beginning this long-term and successful partnership, which will focus on the continued delivery of underwriting excellence in the insurance and reinsurance sectors.”
According to its website, Fidelis had a net income of $68 million in 2021 compared to $126 million in 2020.
It reported $7 billion in assets and $2 billion in equity available to common shareholders.
Gross written premiums in 2021 were US$2.8 billion compared to US$1.6 billion in 2020 and US$811 million in 2019.
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