Fidelis Insurance Holdings launches initial public offering
Fidelis Insurance Holdings launches initial public offering | Insurance Business America
Insurance News
Fidelis Insurance Holdings launches initial public offering
Common shares on offer amounting to 17 million
Insurance News
By
Terry Gangcuangco
Fidelis Insurance Holdings Limited (FIHL), which owns Fidelis Insurance Group, has launched its initial public offering of 17 million common shares by means of a prospectus.
In a release, FIHL said: “The offering consists of 5,714,286 common shares offered by the company and 11,285,714 common shares to be sold by certain of the company’s existing shareholders.
“In addition, the underwriters will have a 30-day option to buy an additional 2,550,000 common shares from the selling shareholders. The IPO price is currently expected to be between US$16 and US$19 per common share.”
Net proceeds from the offering will be used to make capital contributions to FIHL’s insurance operating subsidiaries. The insurance holding company plans to take advantage of the ongoing rate hardening in the key markets in which it participates by writing more business.
Fidelis Insurance Group consists of insurance operating subsidiaries Fidelis Insurance Bermuda Limited, Fidelis Underwriting Limited, and Fidelis Insurance Ireland DAC, as well as service company FIHL (UK) Services Limited and its Irish branch.
MGU HoldCo, which is the holding company for managing general underwriting platform Fidelis MGU, is separate from FIHL.
The common shares are expected to trade under the ticker symbol “FIHL” on the New York Stock Exchange.
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