Bermuda-based re/insurance firm Fidelis Insurance has secured ‘a strategic minority investment’ from The Travelers Companies (Travelers).
The quantum of the investment has not been disclosed.
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Fidelis offers speciality, reinsurance and bespoke services covering areas such as aviation & aerospace, marine, terrorism, political violence among others.
It also has a fee income business, Socium, which supports its re/insurance operations.
Fidelis group CFO Hinal Patel said: “We are delighted to welcome Travelers to our shareholder panel. Travelers and Fidelis are leaders in their fields, with proven track records in our respective markets. We believe that there will be opportunities to learn from each other and work together.”
In June last year, Fidelis secured $500m of equity funding from existing investor relationships. It raised over $1.3bn of capital in 2020 alone.
Travelers executive vice president and president of business insurance Greg Toczydlowski said: “We are pleased to invest in a talented and proven management team and look forward to gaining insights from them into the speciality, non-admitted market.
“As an innovative company with a successful track record, Fidelis is an excellent fit for our investment appetite.”
Travelers offers property casualty insurance for auto, home and business and is a part of the Dow Jones Industrial Average. It generated approximately $32bn in revenue in 2020.
