Fidelis raises $60m of equity capital from Alfa and other investors

Fidelis Insurance Holdings has raised an additional $60 million of equity capital from existing and new investor relationships, including Alfa Insurance and affiliated companies (Alfa).

Fidelis raised the money in the fourth quarter of 2020.

Fidelis also raised $125 million of 6.625 percent fixed-rate reset junior subordinated notes due 2041 from institutional investors. Fidelis has the option to redeem the notes at each interest reset date, which occurs every five years.  The notes have received Tier 2 capital treatment under the Bermuda Monetary Authority’s group supervision rules.

Over the past year Fidelis has raised over $1.3 billion of capital to support its growth plan, taking Fidelis’ total capital to over $2.4 billion.

Richard Brindle, chairman and chief executive officer of Fidelis, said: “We have built a strong relationship with the Alfa team over the years through their quota share support of our underwriting and our participation on their treaties. Their equity investment further cements our partnership and long-term relationship.”

John Hemmings, senior vice president, chief financial officer and chief investment officer of Alfa Insurance said: “Alfa Insurance seeks to be a long-term partner and is dedicated to helping Fidelis build a successful and profitable company.”