Fidelis will list on the New York Stock Exchange. Credit: Stuart Monk via Shutterstock.

Bermuda-based Fidelis Insurance Holdings (Fedelis) has announced the launch of its New York initial public offering (IPO).

Through the IPO, the company plans to sell 17 million of its common shares, of which 5,714,286 common shares will be offered by Fidelis and 11,285,714 common shares by some existing shareholders.

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The underwriters will also have a 30-day option to purchase 2.55 million additional common shares from the selling stockholders.

Currently, it is anticipated that the IPO price will range between $16 and $19 per common share.

The insurer could raise between $312.8m and $371.45m from the IPO.

Upon completion, Fidelis’ common shares are anticipated to trade under the ticker “FIHL” on the New York Stock Exchange.

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Fidelis noted that the proceeds from the IPO will be used to support its insurance operating subsidiaries.

With (re)insurance operations in Bermuda, the UK and Ireland, the company hopes to increase its business writing by benefiting from the continuous rate hardening in the major areas where it operates.

In addition, Fidelis will not receive the money raised from the sale of selling shareholders’ stakes.

Joint lead book-running managers for the proposed offering are JP Morgan, Barclays, and Jefferies.

Last July, Fidelis announced plans to launch a new managing general underwriter (MGU), called Fidelis MGU.

Fidelis MGU was separate from the group’s existing balance sheet insurance companies.

The demerger was aimed at providing flexibility to both businesses allowing them to respond to evolving needs of (re)insurance markets.