Founded in 2015, Fidelis Insurance offers specialty insurance and reinsurance products across the world through its subsidiaries
Fidelis Insurance, an insurance and reinsurance company based in Bermuda, has secured nearly $300m of equity capital to help grow its business.
The new capital in the company has come from existing shareholders alongside a fully-owned subsidiary of the Abu Dhabi Investment Authority (ADIA), which is a sovereign wealth fund owned by the Abu Dhabi government.
Fidelis Insurance chairman and group CEO Richard Brindle said: “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.”
The insurance and reinsurance company was advised by Evercore and Willkie Farr & Gallagher on the transaction.
Fidelis Insurance was established with $1.5bn in equity capital
Founded in 2015, Fidelis Insurance offers specialty insurance and reinsurance products across the world through its subsidiaries. At the time of its founding, the company secured nearly $1.5bn in equity capital with private equity firms Crestview Partners, CVC Capital Partners, and Pine Brook being the founding partners.
The three private equity firms had invested a combined $650m in the insurance and reinsurance provider at the time of its founding. The remainder of the $1.5bn capital investment raised by the Bermuda-based insurance holding company at that time came from individual investors, family offices, and institutional investors.
The company began underwriting insurance and reinsurance business, mainly in the property, energy, marine, and aviation risk classes.
Fidelis Insurance is said to have been operating a four-pillar strategy across bespoke, reinsurance, specialty underwriting and Socium, a fee income business.
According to the company, the four pillar model is said to give it diversified income streams, enabling it to pursue the most attractive opportunities across the insurance cycle.
The company is said to use an innovative model to streamline the underwriting and also the asset sides of the balance sheet.
In November 2019, the company acquired an equity stake in Perigon Product Recall, a managing general agent, in a move to gain capabilities in product recall insurance.