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February 12, 2020

Fidelis raises $300m capital to expand its business

Fidelis Insurance Holdings, a specialty insurance and reinsurance firm, has raised $300m in an equity growth round led by Abu Dhabi Investment Authority (ADIA)’s fully-owned subsidiary.

The company’s existing shareholders accompanied ADIA’s subsidiary in the funding round.

Through capital injection, Fidelis expects to expand its business and support growth.

Last year, ADIA invested approximately $550m in insurance-linked securities (ILS).

Fidelis operates with four-pillar strategy across Bespoke, Reinsurance and Specialty underwriting units along with its fee income business, Socium.

Fidelis chairman and group CEO Richard Brindle said: “The capital raise in addition to the accumulated profits from 2019 position Fidelis excellently for the increasingly positive market conditions.

“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.”

Fidelis was launched five years ago following a $1.5 billion capital raise.

In order to maximise returns, the company follows a hybrid insurance and reinsurance strategy, aimed at balancing the underwriting and investment aspects of the business.

Evercore and Willkie Farr & Gallagher advised Fidelis on the transaction.

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