Fidelis
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Tomais Gaughan has been promoted to lead the energy offering at SiriusPoint International. -
The executive said that (re)insurers would need to produce stable and consistent returns before a capital influx.
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Underwriting income more than doubled to $77.5mn from $32mn as the company grew its top line largely through its specialty segment, reduced reinsurance exposure and lowered catastrophe and large losses.
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The carrier will aim to reduce its emissions by up to 49% by 2030.
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Fidelis Insurance Group CEO Dan Burrows and Fidelis MGU counterpart Richard Brindle speak with Insurance Insider after the IPO.
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The proceeds will be used by the Bermudian to take advantage of rate hardening in key markets.
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The reaction to capital raising this year signals that investor belief in risk-takers is reinvigorated.
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Fidelis shares closed down from the $14 per share price set for the IPO, or a 0.8x multiple of its $17.19 book value per share at end of Q1 2023.
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The carrier stands to raise $210mn from the offering.
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The increase takes the carrier’s total reserves for the conflict to $145.6mn.
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The carrier has set its IPO price at between $16 and $19 per common share, and will trade on the New York Stock Exchange under the ticker FIHL.
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The carrier also recorded a large one-off benefit from the separation of its balance sheet and MGU segments.
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