Fidelis Insurance Holdings Ltd.

General Information

Fidelis is a global (re)insurance company, with operations in Bermuda, Ireland and the United Kingdom. (Incorporated in Bermuda)

FIHL was formed in Bermuda in 2014 by Richard Brindle, under the principles of focused, process-driven and disciplined underwriting and risk selection, strong client and broker relationships and nimble capital deployment. Fidelis completed its initial funding and began underwriting business in June 2015 under the direction of an experienced management team led by Richard Brindle. Since then, Fidelis has assembled a diversified global book of (re)insurance business and achieved scale as a specialty (re)insurer with GPW of $3.0 billion, total revenues of $1.5 billion and net income of $62.3 million for the year ended December 31, 2022.

Fidelis is a leading global provider of bespoke and specialty insurance and property reinsurance products.

The Bespoke pillar focuses primarily on highly tailored and specialized products, including policies covering credit and political risk, political violence and terrorism, limited cyber reinsurance, tax liabilities, title, transactional liabilities and other bespoke products that fit our criteria. Given the increased global conflict in 2022 and national economies shifting further to intellectual property driven value, we believe that the Bespoke pillar continues to see significant opportunity for beneficial pricing and terms and conditions.

The Specialty pillar classes include aviation, energy, space, marine, contingency and property D&F. Given the current position of the reinsurance market in the insurance cycle, we have used our Specialty pillar increasingly to deploy capital targeted to natural catastrophe exposure through property D&F lines of business rather than through our Reinsurance pillar. We further capitalized on market dislocations and associated rate increases in key classes such as marine and aviation to increase the amount of business written. Our aviation, property D&F and marine businesses are among the leading franchise positions in the London market.

Our Reinsurance pillar consists of an actively managed, primarily residential property catastrophe reinsurance book, with closely controlled aggregates using Fidelis MGU’s proprietary FireAnt aggregation and analytics system to monitor exposures in real time. The Reinsurance pillar also includes property retrocession and a limited amount of composite and multi-class asset reinsurance. In the context of excess of loss reinsurance products, we focus on underwriting attachment points largely exposed only to true catastrophe events. The portfolio is global in nature with a strong North American concentration and smaller exposures in Japan, Europe, Australasia and elsewhere throughout the world.

We believe our differentiated underwriting positions us well to generate strong returns across (re)insurance cycles. Current Fidelis is led by Mr. Daniel Burrows who has more than 35 years of experience in the insurance industry. He is supported by a highly experienced management team that manages the operations of Current Fidelis based on our founding principles.

**Note: Net income and revenue are for the year that ended Dec. 31, 2022.

(Note: Fidelis Insurance Holdings Ltd. downsized its IPO at pricing on June 28, 2023, to 15.0 million shares – down from 17.0 million shares in the prospectus – and priced the IPO at $14.00 – $2 below the bottom of its $16.00-to-$19.00 price range – to raise $210.0 million. Of the 15.0 million shares in the IPO, Fidelis offered 7.14 million shares (7,142,857 shares) and certain existing shareholders offered 7.86 million shares (7,857,143 shares). Fidelis will NOT receive any proceeds from the sale of the existing shareholders’ shares. Background: Fidelis Insurance Holdings Ltd. disclosed its IPO terms on June 20, 2023, in an F-1/A filing: 17.0 million shares at $16.00 to $19.00 to raise $297.5 million. Fidelis Insurance Holdings Ltd. updated its IPO plans with an F-1/A filing dated May 3, 2023, in which it named four more book-runners and two co-managers. The Bermuda-based specialty insurance company updated its SEC filings again on June 9, 2023, but did not disclose IPO terms. Background: Fidelis Insurance Holdings Ltd. filed its F-1 on April 14, 2023.)

Industry: Insurance - Fire, Marine & Casualty Insurance
Employees: 51
Founded: 2014
Contact Information
Address Waterloo House 100 Pitts Bay Road Hamilton, Bermuda HM08 +1 441 279 2500
Phone Number +1 441 279 2500
Web Address
View Prospectus: Fidelis Insurance Holdings Ltd.
Financial Information
Market Cap $1602.86mil
Revenues $1520.4 mil (last 12 months)
Net Income $62.3 mil (last 12 months)
IPO Profile
Symbol FIHL
Exchange NYSE
Shares (millions): 15.0
Price range $14.00 - $14.00
Est. $ Volume $210.0 mil
Manager / Joint Managers J.P. Morgan/ Barclays/ Jefferies/ Keefe, Bruyette & Woods (a Stifel company)/ BMO Capital Markets/ Citibank/ Credit Suisse
CO-Managers JMP Securities/ Dowling & Partners Securities LLC
Expected To Trade: 6/29/2023
Status: Priced
Quiet Period Expiration Date:
Lock-Up Period Expiration Date:
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