Fidelis executes agreements to raise a further $500m of equity capital

Written by Adam Cadle

10/06/2020

Fidelis has executed agreements to raise a further $500m of equity capital from existing investor relationships.

The company has now secured $800m of additional equity in the last six months and will have capital for underwriting in excess of $2bn.

Fidelis chairman and CEO Richard Brindle said: “We are seeing a broad-based hardening of rates and improvements to terms and conditions in multiple lines of business. This is due not just to the effects of COVID-19, but to multiple factors from ILS retrenchment to the increasing realisation that underwriting profits are the only sustainable basis for (re)insurers to build long-term business success.

"The $800m of equity capital we have raised over the last six months demonstrates the confidence that our investors have in us to thrive in the current rating environment and over the longer term."

Fidelis was advised on the transaction by Evercore and Willkie Farr & Gallagher LLP.

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