Fidelis Insurance Group
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The additional raise takes the carrier’s committed capital to $3.2bn. -
Occurrence retro rates are among the segments where rate pressure is abating, although the outlook remains somewhat opaque in a late renewal.
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The carrier’s long-standing client Alfa has become an equity investor.
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The carrier joins peers such as Hamilton Re in raising fresh funds to attack the tight retro market.
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The deal will come into effect on 1 October, with the specialty player's gross lines likely to scale up by a quarter.
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Total equity and debt raised this year if the $300mn target is reached would approach $1.5bn.
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The carrier also confirmed that it had entered the contingency market with the hire of Emily Clapham.
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The latest Insider Progress virtual event reveals practical tools for companies to support black professionals.
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David Turner will be based in London and worked at MS Amlin for more than three decades.
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Fidelis has hired Emily Clapham from Beazley as it makes its entry into the contingency market, according to sister publication Insurance Insider.
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The carrier follows Convex into the distressed market, where rates are expected to soar after damaging Covid-19 losses.
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The firm has unveiled a range of measures in support of the Black Lives Matter movement.
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