It’s been a successful period for Fidelis Insurance Holdings Limited – the firm has just announced it has secured a further $500 million (around £392 million) of equity capital from existing investor relationships.
The boost means the company has now secured $800 million (around £628 million) in the last six months. Now it will have capital for underwriting in excess of $2 billion.
This allows Fidelis to broaden its relationships and expand into new classes of business, according to chairman and CEO Richard Brindle.
“We are seeing a broad-based hardening of rates and improvements to terms and conditions in multiple lines of business,” he said. “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. Following on from the announcement of the rating upgrade from AM Best to “A” it is clear that we are well positioned for the current market conditions as we continue our development of a quality underwriting franchise.”