Fidelis completes MGU and Balance Sheet split

Fidelis completes MGU and Balance Sheet split 150 150 Haggie Partners

HAMILTON, BERMUDA—January 4, 2023— Fidelis Insurance Holdings Limited (“FIHL”) today announces the completion of the transaction creating a new Managing General Underwriter (“Fidelis MGU”), separate from FIHL and the existing insurance companies (the “Fidelis Insurance Group”). Originally announced in July 2022, the transaction became effective on January 3, 2023. Both FIHL and Fidelis MGU have received approvals or non-objections (as and if required) from the BMA in Bermuda, the FCA and PRA in the UK, the CBI in Ireland, and the FSMA in Belgium.

The Fidelis MGU will be located at Waterloo House in Bermuda, 22 Bishopsgate in London and the Station Building II in Dublin. The Fidelis MGU executive committee consists of:

  • Richard Brindle, Chairman & Group Chief Executive Officer
  • Charles Mathias, Deputy Chairman & Group Executive Director
  • Michael Cottell, Group General Counsel & Group Company Secretary
  • Richard Coulson, Chief Executive Officer of Insurance & UK Chief Underwriting Officer
  • Jonny Creagh-Coen, Head of Strategic Relationships
  • Michael Davern, Co-Deputy UK Chief Underwriting Officer & Group Head of D&F and Energy
  • Richard Holden, Chief Executive Officer of Reinsurance
  • Robert Kelly, Chief Executive Officer of Ireland, Chief Financial Officer of Ireland & Group Head of Financial Planning & Analysis
  • Hinal Patel, Group Chief Financial Officer
  • Rinku Patel, Group Chief Operating Officer, Chief Executive Officer of UK & Chief Executive Officer of Pine Walk
  • Philip Vandoninck, Chief Executive Officer of Socium & Chief Executive Officer of Bermuda

The Fidelis Insurance Group will be located at Waterloo House in Bermuda, 22 Bishopsgate in London and the Station Building II in Dublin. The Fidelis Insurance Group’s executive team consists of:

  • Dan Burrows, Group Chief Executive Officer
  • Denise Brown-Branch, Group Chief Operating Officer
  • Allan Decleir, Group Chief Financial Officer
  • Mike Pearson, Group Chief Risk Officer
  • Ian Houston, Group Chief Underwriting Officer
  • David Smith, Group Chief Investment Officer
  • Jonny Strickle, Group Chief Actuary

The Fidelis MGU’s principal equity investors are Capital Z Partners, The Travelers Companies, Inc., Blackstone, Further Global Capital Management and Alfa Insurance. In addition, Blackstone is leading the debt financing to the Fidelis MGU, with Oak Hill Advisors (OHA) and Barings also participating in the debt and providing equity.  The Fidelis Insurance Group capital structure will remain unchanged, as will its investors, apart from the purchase of a 9.9% stake in Fidelis Insurance Group by the Fidelis MGU from existing shareholders, creating additional alignment. Richard Brindle and the Fidelis MGU team retain significant personal stakes in the Fidelis Insurance Group as well as being significant shareholders in Fidelis MGU.

Richard Brindle said: “We are delighted to announce the completion of this intelligent and ground-breaking transaction. It has been an extraordinary effort by both entities, supported by outstanding advisors. We really believe this positions us to be leaders in an exciting market today and for the long term.  The MGU can now focus on the core competencies in underwriting, claims handling, reinsurance structuring and above all innovation of new products, supported by our market leading proprietary technology tools. We look forward to continuing and growing our relationships with brokers and clients by providing the highest standards of service and the most thoughtful deployment of capacity in the market.”

Dan Burrows said: “The new structure and partnership between Fidelis Insurance Group and Fidelis MGU will be highly beneficial to all stakeholders and provides an evolved capital, risk and distribution model. Our team of over 75 professionals at Fidelis Insurance Group is very experienced and has superior underwriting, risk management, claims, investment and actuarial knowledge. We are committed to generating excellent returns while doing the right thing for our people, our customers, our shareholders and for the broader societies we work in.  I and my team look forward to working closely with Richard and the MGU team as we move forward.”

This transaction was advised by Evercore Partners International LLP, Kinmont, Willkie Farr & Gallagher (UK) LLP and PricewaterhouseCoopers LLP. Each management team was advised on this transaction by Mishcon de Reya LLP and BDO LLP. Capital Z Partners, The Travelers Companies, Inc. and Further Global Capital Management were advised on this transaction by Skadden, Arps, Slate, Meagher & Flom LLP. Blackstone, OHA and Barings were advised on this transaction by White & Case LLP and Freshfields LLP.

This press release contains statements around each of Fidelis MGU’s and Fidelis Insurance Group’s respective objectives, intentions and expectations in relation to transactions and results, potential strategic alternatives and business structure relationships generally. Such forward-looking statements are subject to their respective Board of Directors’ decisions, and involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of their respective Groups to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities. Any offers, solicitations or offers to buy, or any sales of securities will be made in accordance with the registration requirements of, or exemptions under, the U.S. Securities Act of 1933, as amended, and other applicable laws.