[emailprotected] Edit Lists Featuring This Company Section, Europe Companies With More Than 50 Employees (Top 10K), Europe Companies With Fewer Than 1000 Employees (Top 10K), England Companies With Less Than $50M in Revenue (Top 10K), United Kingdom Companies With Less Than $10M in Revenue (Top 10K). Fidelis Insurance is growing revenue profitably and the IPO appears reasonably valued. Seed, Series A, Private Equity), Whether an Organization is for profit or non-profit, General contact email for the organization. Blackstone, OHA and Barings were advised on this transaction by White & Case LLP and Freshfields LLP. A Celebration of 25 years of Insurance-Linked Securitisation through 25 Landmark Deals, Insured Natural Catastrophe & Man-Made Disaster Loss Reports, ART, Collateralized & Alternative Reinsurance Topics, Catastrophe Options & Catastrophe Derivatives, Microinsurance & Weather or Catastrophe Index-Insurance, Introduction To Weather Trading, Derivatives, Futures, Weather Risk Management For Utilities & Energy, Weather Derivatives, Weather Risk Pricing & Structuring, Global Property Catastrophe Rate-On-Line Index Guy Carpenter, U.S. Property Catastrophe Rate-On-Line Index Guy Carpenter, Regional Property Catastrophe Rate-On-Line Index Guy Carpenter, Recall that Fidelis separated its business, creating a Managing General Underwriter, named Fidelis MGU, read our article from the announcement of this separation arrangement, sees utilising third-party reinsurance capital as key to its evolution, successfully sponsored its fourth catastrophe bond in the Herbie Re series towards the end of 2022, American Integritys 2019 cat bond extended on continued exposure to Ian, Parametric hurricane cover powered by HWind: Moodys RMS & Swiss Re Corporate Solutions interview, Howden hires Rowan Douglas as CEO, Climate Risk and Resilience, ILS investors willing to take on more risk, if the price is right: Peel Hunt, An Italian cat bond would be snapped up, says Tenax Capitals Figna, catastrophe bonds, insurance-linked securities, insurance & reinsurance linked investments, Get our free email newsletters for weekly summaries & reminders of stories you may have missed. What are insurance-linked securities (or ILS)? Medicaid Managed Care offers comprehensive coverage with no copays for covered services and no monthly premium for those who qualify. Bermuda-based Fidelis Insurance Holdings Limited was founded to generate returns across cyclical reinsurance environments. The main reason for the separation was to be able to attract more talent to the company. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. FIHL has produced impressive revenue growth and profits. Together with other sources of liquidity that Fidelis has at its disposal, Fidelis believes this will help it to take advantage of the ongoing rate hardening in the key markets in which it participates by writing more business under its planned strategy.. Our combined wealth of experience allows us to respond quickly and commercially to clients needs. 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. Managing the cost of specialty care doesnt require abrasive physician oversight. Fidelis Insurance Holdings Ltd. FIHL, on Tuesday said it expects to price 17 million shares at an estimated range of $16 to $19 a Or, email[emailprotected]with any questions, suggestions or advertising enquiries. We are proud to be your healthcare partner and want to help you access essential health benefits and services to The common shares may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. Major competitive or other industry participants include the following: The company also operates in the bespoke and property reinsurance markets. Management believes the insurance industry is "primed for further value disaggregation, favoring specialist underwriters with access to clients and alternative sources of capital.". 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Insurance Reform Bill Will Dampen Construction Defect Subrogation Suits, Tornado and Other Severe Weather Kill 3, Damage Homes, and Knock Out Power in 4 States, No Sign of Threat from the Hazardous Train that Plunged into Yellowstone River, Trucking Risks - Why and How to Pre-Underwrite a Submission, Challenges in New and Old Multi-Unit Housing, Mitigating the Risks of A Tight Labor Market Using Effective WC Practices. directly identify anyone. Given a reasonable IPO pricing with a book value to share price multiple of approximately 1, my outlook on the Fidelis Insurance Holdings Limited IPO is a Buy at up to $17.50 per share. HAMILTON, BERMUDA June 20, 2023 Fidelis Insurance Holdings Limited, a global insurance holding company, with insurance and reinsurance operations in Bermuda, Ireland and the United Kingdom (the Company), announced today the launch of its initial public offering (IPO) of 17,000,000 of its common shares. Catastrophe bonds, insurance linked securities, reinsurance capital & investment, risk transfer intelligence. The float to outstanding shares ratio (excluding underwriter options) will be approximately 14.59%. FIHL intends to sell 5.7 million shares of common stock, and selling shareholders will sell 11.3 million shares of common stock at a proposed midpoint price of $17.50 per share for gross proceeds of approximately $297.5 million, not including the sale of customary underwriter options. Long term this will be slow and steady and eventually pay a dividend. Insurance Insider is part of the Delinian Group, Delinian Limited, 8 Bouverie Street, London, EC4Y 8AX, Registered in England & Wales, Company number 00954730, Book a call with a member of the team to discuss your subscription options, Editor-in-Chief, Insider Publishing Group, Exclusions shouldn't be main focus to reach net zero: Bermuda panel, London market must keep foot on the gas over speed of regulatory changes: LMGs Wagstaff, Aon promotes Nicholson to GRC segment head, Vantage adds Foulger and Dowrich to board of directors, Ardonaghs Globe lands UK construction and specialty property teams, Ageas Re hires from Peak Re, AIG and SiriusPoint as it continues build-out, Howden hires WTWs Douglas as climate risk and resilience CEO, Discover things you shouldn't even know yet. Secure your place at the event here! The company offering effective, bespoke coverage within specialist lines providing significant capacity with a strong balance sheet. The proposed offering of the Companys common shares will be made only by means of a prospectus. J.P. Morgan, Barclays and Jefferies are acting as Joint Lead Bookrunning Managers for the proposed offering. To report a factual error in this article, Fidelis Insurance Holdings Limited (FIHL). WebTrusted by Specialists. Get our free email newsletters for weekly summaries & reminders of stories you may have missed --. Hi Donovan, do you mean Equity Value instead of Enterprise Value here? Given a reasonable IPO pricing on a book value to share price multiple of approximately 1, my outlook on the IPO is a Buy at up to $17.50 per share. Fidelis Insurance Holdings Limited has filed to raise $298 million for the company and for selling HAMILTON, Bermuda, June 20, 2023 /PRNewswire/ --Fidelis Insurance Holdings Limited, a global insurance holding company, with insurance and reinsurance operations in Bermuda, Ireland and the United Kingdom (the "Company"), announced today the launch of its initial public offering ("IPO") of 17,000,000 of its common shares. you use it. like to set optional analytics cookies to help us improve it. London, England, United Kingdom 51-100 Corporate Round Private www.fidelisinsurance.com 28,753 Highlights Total Funding Amount $2B Contacts 41 Employee Profiles 2 Investors 6 Similar Companies 14 Jun 11, 2020 / Private Equity and 3 other investors Investor Inquiries: Our holistic approach to specialty benefit management consistently No existing or potentially new shareholders have indicated an interest in purchasing shares at the IPO price. Web(December 2020) Fidelis Care is a New York-based health insurance company formed in 1993. Jun. Anti-Slavery & Human trafficking commitment. This press release does not constitute an offer to sell or the solicitation of an offer to buy the common shares, and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that state or jurisdiction. The cookies collect information in a way that does not The Fidelis MGU executive committee consists of: The Fidelis Insurance Group will be located at Waterloo House in Bermuda, 22 Bishopsgate in London and the Station Building II in Dublin. This field is for validation purposes and should be left unchanged. Any offers, solicitations or offers to buy, or any sales of securities will be made in accordance with the registration requirements of the Securities Act of 1933, as amended. GROUP CHIEF OPERATING OFFICER, UK CEO & CEO OF PINE WALK, We have a diversified business mix across both line of business and geography, built on our three pillar strategy, supported by partnerships with capital providers and quota share partners, which allows us to achieve leading market returns. We offer a simplified path to specialty care success, packaged into an integrated solution. It has been an extraordinary effort by both entities, supported by outstanding advisors. The Leader in Bespoke & Specialty insurance. Online since 1999, Artemis provides news, analysis & data on catastrophe bonds, insurance-linked securities & alternative reinsurance capital.. We act as a coach not a referee, making it easy for physicians to follow our evidence-based clinical pathways. Thank you! We partner with payers to take on full financial and clinical responsibility for managing oncology and cardiology lines of business. FNTIC also performs other title-related services such as: National Rate Calculator Title Insurance rate quotes only. What are industry loss warranties (ILWs)? Managing the cost of specialty care doesnt require abrasive physician oversight. New Century Healths clinical pathways are based on scientific data and then interpreted by a group of doctors. Entering text into the input field will update the search result below. The company's financials have shown increasing top line revenue, growing income before taxes and a strong increase in cash flow from operations. In total, the initial public offering (IPO) will see 17,000,000 common shares in Fidelis Insurance Holdings Limited offered, made up of 5,714,286 common shares offered by Fidelis itself and 11,285,714 common shares that will be sold by some of its existing shareholders. This IPO and listing continues the development of the structure envisioned by Brindle and the other Fidelis leaders, as they look to construct a flexible model that can utilise capital in different ways to support the underwriting of the MGU. Home Member Welcome, Fidelis Care Members! In addition, the underwriters will have a 30-day option to buy an additional 2,550,000 common shares from the selling shareholders. [2] As of 2018, Fidelis Care served more than 1.7 million New York residents. This is an upper-tier performance for all major underwriters during the period. HAMILTON, BERMUDA June 20, 2023 Fidelis Insurance Holdings Limited, a global insurance holding company, with insurance and reinsurance A registration statement relating to the proposed IPO has been filed with the U.S. Securities and Exchange Commission, but has not yet become effective. Built on a 38 year track record of outperformance that continues to beat the market. Per the firm's most recent regulatory filing, it plans to use the net proceeds as follows: We intend to use the net proceeds to us from this offering to make capital contributions to our insurance operating subsidiaries, which, together with other sources of liquidity, should enable us to take advantage of the ongoing rate hardening in the key markets in which we participate by writing more business under our planned strategy. Please tell us what we can do to improve this article. 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. [emailprotected]. Please. General & Administrative expenses as a percentage of total revenue have risen as revenue has increased; its General & Administrative efficiency multiple was 3.1x in the calendar year 2022. Leadership believes that any legal proceedings against the company would not have a material adverse effect on its business or financial condition. WebFidelis Care | Quality, Affordable Health Insurance , Get Ready to Renew Automatic renewals will end soon, and you will need to take action to renew your health insurance. Over nearly two decades, weve learned that success in specialty care requires the creation of a delicate ecosystem with the physician at the center, supported by the right data, tools, clinical expertise and financial incentives. WebMedicaid Managed Care. We use necessary cookies to make our site work. Recall that Fidelis separated its business, creating a Managing General Underwriter, named Fidelis MGU, as a separate entity from the existing the Fidelis Insurance Group balance sheet companies. Its both a capital raising opportunity and a chance for some existing shareholders to recognise some of the value created by Fidelis, as within the IPO process some existing shareholders will sell common shares, the proceeds of which will not go to the company. The company's recent financial results can be summarized as follows: Growing top line revenue, due in Q1 2023 to a one-time revenue recognition from a "Net gain on distribution of Fidelis MGU". Assuming a successful IPO at the midpoint of the proposed price range, the company's enterprise value at IPO (excluding underwriter options) would approximate $1.8 billion. HAMILTON, BERMUDA June 20, 2023 Fidelis Insurance Holdings Limited, a global insurance holding company, with insurance and reinsurance operations in Bermuda, Ireland and the United Kingdom (the Company), announced today the launch of its initial public offering (IPO) of 17,000,000 of its common shares. Using this Looking for more investing ideas like this one? WebThrough its nationwide network of direct operations and agents, FNTIC provides title insurance, underwriting, escrow and closing services to residential, commercial and For members and prospective members interested in NY Health Insurance plans. The Fidelis MGU will be located at Waterloo House in Bermuda, 22 Bishopsgate in London, and the Station Building II in Dublin. WebFidelis Insurance Group is a privately owned specialist insurance and reinsurance group headquartered with a (re)insurance company in Bermuda with additional (re)insurance % of people found this article valuable. The IPO price is currently expected to be between USD 16.00 and USD 19.00 per common share. While its not a significant capital raise, the process of going public will position Fidelis to further expand the capital base of its balance-sheet business and provide a platform for additional capital raising going forwards as well. Start with a 14-day Free Trial. Real estate information & technology services, Servicing equipment leases for a broad range of businesses. Last week, Fidelis Insurance Group reported a combined ratio of 79.1% for the first quarter of 2023, 8.3 percentage points better than in the same quarter in 2022. JMP Securities, A Citizens Company and Dowling & Partners Securities are acting as co-managers for the proposed offering. This press release does not constitute an offer to sell or the solicitation of an offer to buy the common shares, and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that state or jurisdiction. Also, the leading industries covered by specialty insurance services include healthcare, mortgage banking, non-profit protection and disaster products. The offering consists of 5,714,286 common shares offered by the Company and 11,285,714 common shares to be sold by certain of the Companys existing shareholders. This transaction was advised by Evercore Partners International LLP, Kinmont, Willkie Farr & Gallagher (UK) LLP and PricewaterhouseCoopers LLP. In addition, the underwriters will have a 30-day option to buy an additional 2,550,000 common shares from the selling shareholders. Below is a table of the firm's relevant capitalization and valuation metrics at IPO, excluding the effects of underwriter options: As a reference, the firm published a number of relevant metrics, shown in the table below: A general rule of thumb when valuing insurance companies is that a book value per share versus its share price of 1:1 is considered a fair valuation. tool will set a cookie on your device to remember your preferences. Cookie policy. I am not receiving compensation for it (other than from Seeking Alpha). The company has recently paid dividends to holders of the firm's Series A Preference Security. Who can Keefe, Bruyette & Woods, a Stifel company, BMO Capital Markets, Citigroup and UBS Investment Bank are acting as Joint Bookrunning Managers for the proposed offering. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Receive alert notifications by email for every article from Artemis as it gets published. Wed like to set Google Analytics cookies to help us to Thank you! January 4, 2023. We have nearly two decades of experience working with a highly satisfied list of payer and provider partners nationwide. Insurance Insider is part of the Delinian Group, Delinian Limited, 8 Bouverie Street, London, EC4Y 8AX, Registered in England & Wales, Company number 00954730, Book a call with a member of the team to discuss your subscription options, Exclusions shouldn't be main focus to reach net zero: Bermuda panel, London market must keep foot on the gas over speed of regulatory changes: LMGs Wagstaff, Aon promotes Nicholson to GRC segment head, Vantage adds Foulger and Dowrich to board of directors, Ardonaghs Globe lands UK construction and specialty property teams, Ageas Re hires from Peak Re, AIG and SiriusPoint as it continues build-out, Howden hires WTWs Douglas as climate risk and resilience CEO, Discover things you shouldn't even know yet. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Copies of the preliminary prospectus, may be obtained from: J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, by telephone at 1-866-471-2526 or by email at [emailprotected]; Barclays Capital Inc. c/o Broadridge Financial Solutions, 115 Long Island Avenue Edgewood, NY 11717, by telephone at (888) 603-5847 or by email at [emailprotected]; and Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, New York, NY 10022, by telephone at (877) 821-7388 or by email at [emailprotected] A registration statement relating to the proposed IPO has been filed with the U.S. Securities and Exchange Commission, but has not yet become effective. Management is headed by parent company founder, Chairman, and CEO Richard Brindle (Fidelis MGU), who has been with the firm since its inception in 2015 and has more than 38 years in underwriting and held leading roles in Syndicates 488 and 2488 at Lloyd's of London. 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, said Burrows. But, under 15.00 is where I might accumulate. 07337195. Our whole-person, outcomes-based approach delivers consistent value that comes with our commitment to member care, and physician satisfaction. We also coverlife,weather riskandlongevity risk transfer. This represents a forecast CAGR of 10.6% from 2022 to 2031. We offer coverage for a number of specialty lines, both on our own books and through our MGA platform, Pine Walk. The offering consists of 5,714,286 common shares offered by the Company and 11,285,714 common shares to be sold by certain of the Company's existing shareholders. Our primary focus is oncatastrophe bonds, insurance-linked securities,alternative reinsurance capital,insurance & reinsurance linked investments. View original content:https://www.prnewswire.com/news-releases/fidelis-insurance-holdings-limited-announces-launch-of-initial-public-offering-301855265.html, SOURCE Fidelis Insurance Holdings Limited, Plus500. improve our website by collecting and reporting information on how The Company intends to use the net proceeds it receives from the offering to make capital contributions to its insurance operating subsidiaries, which, together with other sources of liquidity, should enable the Company to take advantage of the ongoing rate hardening in the key markets in which it participates by writing more business under its planned strategy. (Lenders and other customers obtaining quotes for Loan Estimates and/or Good Faith Estimates must use the link below). The Company will not receive any of the proceeds from the sale of its common shares by the selling shareholders. 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