Fidelis Raises $185M of Capital, Bringing 2020 Total to More than $1.3B

December 10, 2020

Fidelis Insurance Holdings Ltd. announced it has raised in the fourth quarter of 2020 an additional $60 million of equity capital from existing and new investor relationships, including Alfa Insurance and affiliated companies with which Fidelis has a long-standing relationship.

Additionally, the Bermuda-based company has raised $125 million of 6.625% Fixed-Rate Reset Junior Subordinated Notes due 2041 from institutional investors. The notes are redeemable at the option of the company at each interest reset date which occurs every five years. The notes have received Tier 2 capital treatment under the Bermuda Monetary Authority’s Group Supervision Rules.

Related:

Fidelis Issues $300M of Senior Notes, Bringing 2020 Capital Raise to More Than $1B

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Fidelis Insurance Raises $300M of Equity Capital to Support Growth

Over the past year, the Fidelis has raised over $1.3 billion of capital to support its growth plan taking the company’s total capital to over $2.4 billion.

“We are very pleased to have Alfa as our latest equity investor. We have built a strong relationship with the Alfa team over the years through their quota share support of our underwriting and our participation on their treaties,” commented Richard Brindle, chairman and CEO of Fidelis.

“Their equity investment further cements our partnership and long-term relationship. Having raised over $1.3 billion of capital in the past year, we have been able to take advantage of the hardening market conditions and have the financial and human resources to continue to build on our existing portfolio in 2021,” he added.

“We are excited about this opportunity to broaden our relationship and expand our partnership with Fidelis as equity shareholders,” according to John Hemmings, senior vice president, CFO and chief investment officer of Alfa Insurance.

“We have great respect and admiration for the Fidelis management team’s proven track record and have great confidence in their ability to generate successful growth and financial strategies in the future,” Hemmings added. “Alfa Insurance seeks to be a long-term partner and is dedicated to helping Fidelis build a successful and profitable company.”

Source: Fidelis Insurance Holdings Ltd.