Fidelis Insurance

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

Need to Know

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

After pricing below the expected range at its IPO, the Fidelis stock price slipped on the first day of trading - here's how other (re)insurance IPOs have gone since 2000.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

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.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

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.

Need to Know

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