Fidelis Insurance Holdings files preliminary prospectus for IPO

Fidelis Insurance Holdings Limited (FIHL) wants its common shares to be listed on the New York Stock Exchange and has filed a preliminary prospectus with the US Securities and Exchange Commission for its planned initial public offering.

Without providing the IPO price, the holding company said: “Currently, no public market exists for our common shares. We intend to apply to list our common shares on the New York Stock Exchange (NYSE) under the symbol ‘FIHL’…

“We intend to apply for and expect to receive consent under the Exchange Control Act 1972 (and its related regulations) from the Bermuda Monetary Authority for the issue and transfer of the common shares to and between non-residents of Bermuda for exchange control purposes provided the common shares remain listed on an appointed stock exchange, which includes NYSE.

“In granting such consent, neither the BMA nor any other relevant Bermuda authority or government body accepts any responsibility for our financial soundness or the correctness of any of the statements made or opinions expressed in this prospectus.”

FIHL is the parent firm that owns what is known as Fidelis Insurance Group, which consists of insurance operating subsidiaries Fidelis Insurance Bermuda Limited, Fidelis Underwriting Limited, and Fidelis Insurance Ireland DAC. Also part of the group are service company FIHL (UK) Services Limited and its Irish branch.

Separate from FIHL is MGU HoldCo, which officially came to life in January and is the holding company for managing general underwriting platform Fidelis MGU.

According to FIHL, the net proceeds from the IPO are intended to be used to grow its business, by making capital contributions to the group’s insurance operating subsidiaries, and for general corporate purposes.

“This expected use of net proceeds from this offering represents our intentions based on our current plans and business conditions, which could change in the future as our plans and business conditions evolve,” noted FIHL in its preliminary prospectus.

“As a result, our management will have broad discretion over the uses of the net proceeds from this offering, and investors will be relying on the judgment of our management regarding the application of the net proceeds from this offering.”