Re/insurance firm Fidelis Insurance has secured an additional $500m of equity funding from existing investor relationships.
In the past six months, the firm has obtained $800m of additional equity.
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The firm will now have funds for underwriting more than $2bn.
This is said to enable the firm to expand relationships with both existing as well as new clients in the classes it already writes.
This will also support the expansion of the firm into new business lines, noted Fidelis.
Commenting on the latest infusion, Fidelis chairman and CEO Richard Brindle said: “We are seeing a broad-based hardening of rates and improvements to terms and conditions in multiple lines of business.
“This is due not just to the effects of COVID-19, but to multiple factors from ILS retrenchment to the increasing realisation that underwriting profits are the only sustainable basis for (re)insurers to build long-term business success.
“The $800 million of equity capital we have raised over the last six months demonstrates the confidence that our investors have in us to thrive in the current rating environment and over the longer term.”
Earlier this year, Fidelis raised $300m in an equity growth round led by Abu Dhabi Investment Authority (ADIA)’s fully-owned subsidiary.
The firm’s existing shareholders accompanied ADIA’s subsidiary in the fundraising.
