Fidelis Insurance Group

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.

The carrier will aim to reduce its emissions by up to 49% by 2030.

Fidelis Insurance Group CEO Dan Burrows and Fidelis MGU counterpart Richard Brindle speak with Insurance Insider after the IPO.

The proceeds will be used by the Bermudian to take advantage of rate hardening in key markets.

The reaction to capital raising this year signals that investor belief in risk-takers is reinvigorated.

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.

The carrier stands to raise $210mn from the offering.

The increase takes the carrier’s total reserves for the conflict to $145.6mn.

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.

The carrier also recorded a large one-off benefit from the separation of its balance sheet and MGU segments.

The carrier cited a “huge” spread of possible outcomes from various lawsuits relating to aviation claims from the conflict.

The insurer plans to be listed on the New York Stock Exchange.