Fidelis confirms intention to pursue an IPO

Bermuda-based Fidelis Insurance intends to pursue an initial public offering (IPO) of its common shares, the company has confirmed.

It has confidentially submitted a draft registration statement on Form F-1 with the Securities and Exchange Commission (SEC) relating to the proposed IPO. The number of common shares to be offered and the price range for the proposed offering have not yet been determined.

The move follows the establishment of Fidelis MGU last month, which the company said ‘bifurcated’ the business from Fidelis’ existing balance sheet insurance companies.

The capital structure of Fidelis Insurance Group capital remains unchanged after the split, but rating agencies have Fidelis under review with negative implications due to the potential for disruption.

The main investors in Fidelis are now: Capital Z Partners, The Travelers Companies, Blackstone, Further Global Capital Management and Alfa Insurance.