Fidelis gets capital injection from US insurance giant Travelers

Fidelis gets capital injection from US insurance giant Travelers

Fidelis Insurance Holdings Limited, the specialized insurance coverage and reinsurance firm launched by Richard Brindle, has broadened its capital base once again thanks to a brand-new strategic investment from an interesting source, United States insurance coverage giant The Travelers Companies Inc.Travelers has invested a concealed quantity into Fidelis, which the recipient terms a “minority financial investment.”
Fidelis has been especially effective in raising brand-new capital to support the continuous growth of its insurance coverage and reinsurance underwriting platform over the last couple of years, having actually raised over $1.3 billion in 2020 alone.
That took its equity and debt capital base to more than US $2.4 billion, as we discussed last December.
However, naturally, in addition to that, Fidelis has actually likewise been expanding its usage of third-party reinsurance capital, through its sidecar quota shares and third-party capital collaborations through Socium and also its growing disaster bond program.
The Herbie Re cat bond issuances alone now total up to $550 million of reinsurance capital raised from the capital markets.
So Fidelis has actually grown considerably over the last 2 years and todays statement of an extremely respected insurance provider taking a minority stake in the business is testament to its efforts and success.
Hinal Patel, Group Chief Financial Officer of Fidelis, commented on the news saying, “We are delighted to welcome Travelers to our shareholder panel. Travelers and Fidelis are leaders in their fields, with tested performance history in our respective markets. Our company believe that there will be chances to gain from each other and work together.”
Greg Toczydlowski, Executive Vice President and President of Business Insurance at Travelers likewise stated, “We are happy to invest in a talented and tested management group and look forward to gaining insights from them into the specialty, non-admitted market. As an innovative company with a successful performance history, Fidelis is an outstanding suitable for our financial investment cravings.”

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