Fidelis Insurance Holdings initial public offering closes
Fidelis Insurance Holdings initial public offering closes | Insurance Business America
Mergers & Acquisitions
Fidelis Insurance Holdings initial public offering closes
Net proceeds to company approximately $89 million
Mergers & Acquisitions
By
Terry Gangcuangco
The initial public offering of Fidelis Insurance Holdings Limited (FIHL) has now closed, with net proceeds to the firm amounting to approximately $89.4 million.
According to the company’s announcement, the IPO featured an aggregate of 15 million common shares that were sold to the public by the Fidelis Insurance Group owner and certain shareholders at $14 each. The original plan was to sell 17 million common shares at a price tag between $16 and $19 per share.
FIHL, shares of which now trade on the New York Stock Exchange, said in a statement: “The net proceeds from the offering to the company, after deducting underwriting discounts and commissions and estimated offering expenses payable by the company, were approximately $89,400,000.
“The company intends to use the net proceeds it receives from the offering to make capital contributions to its insurance operating subsidiaries, which, together with other sources of liquidity, should enable the company to take advantage of the ongoing rate hardening in the key markets in which it participates by writing more business under its planned strategy.”
It was pointed out that FIHL did not receive any proceeds from the sale of the nearly 7.9 million common shares by the selling shareholders.
Headquartered in Bermuda with offices in Ireland and the UK, the group consists of insurance operating subsidiaries Fidelis Insurance Bermuda Limited, Fidelis Underwriting Limited, and Fidelis Insurance Ireland DAC, as well as service company FIHL (UK) Services Limited and its Irish branch.
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