Fidelis Insurance Group

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

The Irish subsidiary boosted its top-line growth by 58% during the year as it took advantage of market dislocation.

Alignment mechanisms include MGU’s 9.9% stake in balance sheet, personal MGU management stake and a significant profit commission.

The senior exits come a matter of months after the business was created in a landmark transaction.

The carrier set out a string of defences in the $3.5bn suit.

The number of common shares to be offered and the price range for the proposed offering have not yet been determined.

Ben Fortune joined Fidelis in 2015 as an underwriter, later becoming head of international reinsurance in 2020.

The MGU’s insurance head Richard Coulson said the firm’s ability to offer equity was helping to attract talent.

The income figure makes the MGA amongst the largest marine underwriters in London in its first full year of underwriting.

The insurance group is being advised by JP Morgan and Barclays Capital.

The ratings agency also affirmed the financial strength rating of A and the long-term issuer credit rating of “a” for Fidelis and its subsidiaries.

The carrier argued that, because the sum it was being sued for was significant – $95mn in the all-risk case and $240mn in the war risk case – it should be allowed to represent itself.