Fidelis Insurance Group
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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. -
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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The carrier cited a “huge” spread of possible outcomes from various lawsuits relating to aviation claims from the conflict.
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The insurer plans to be listed on the New York Stock Exchange.
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The Irish subsidiary boosted its top-line growth by 58% during the year as it took advantage of market dislocation.
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Alignment mechanisms include MGU’s 9.9% stake in balance sheet, personal MGU management stake and a significant profit commission.
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The senior exits come a matter of months after the business was created in a landmark transaction.
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The carrier set out a string of defences in the $3.5bn suit.
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The number of common shares to be offered and the price range for the proposed offering have not yet been determined.
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