Bermuda-based Fidelis Insurance raises $1.5b from investors
NEWLY-FORMED specialty insurance provider Fidelis Insurance Holdings Limited said it raised about $1.5 billion from a group of investors including Crestview Partners and CVC Capital Partners.
Private equity firms Crestview, CVC and Pine Brook, who are the founding investors, have invested about $650 million, Fidelis said in a statement. Richard Brindle and Neil McConachie, founders of the company, will be the group’s chief executive officer and chief financial officer, it added.
Goldman, Sachs & Co acted as a financial advisor to Fidelis and as the placement agent for the capital raise. Fidelis was also advised by Clifford Chance US LLP and PricewaterhouseCoopers LLP. Hedge funds and private equity firms have been moving into the insurance sector, investing premiums more aggressively than conventional insurers to boost returns.
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