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.
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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.
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By GlobalData“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.
