Fidelis Insurance Holdings Limited is poised for further growth, having raised approximately US$300 million (around £231.6 million) of equity capital.

The Bermuda-based holding company – which provides property, bespoke, and specialty insurance and reinsurance products globally through its subsidiaries – said the amount came from its existing shareholders as well as a new backer in the form of an Abu Dhabi Investment Authority (ADIA) firm.

“This successful capital raise is further validation of the Fidelis business model and recognises our market-leading performance to date,” asserted Fidelis chair and group chief executive Richard Brindle.

“It has given us significant firepower in a market where we are seeing attractive opportunities. We are delighted to have secured a further vote of confidence from our existing shareholders and also to welcome ADIA as a new investor to the company.”

Evercore and Willkie Farr & Gallagher advised Fidelis on the transaction.

Meanwhile the CEO also noted: “The capital raise in addition to the accumulated profits from 2019 position Fidelis excellently for the increasingly positive market conditions, particularly in certain specialty and reinsurance segments, and will give Fidelis capacity for growth and greater influence in its chosen markets.”