Fidelis Insurance Group has agreed to pay $163.3 million to repurchase all the remaining shares held by one of its founding investors.

The deal will see Fidelis repurchase 8,597,170 common shares at $19 per share from CVC Falcon Holdings Ltd. On completion of the transaction, CVC will no longer hold any ownership interest in Fidelis.

Dan Burrows, Fidelis Insurance Group’s chief executive officer, said, “We are pleased to announce the repurchase of CVC’s remaining shares at a compelling value. This transaction, completed below our year-end diluted book value per common share of $24.61, is expected to deliver meaningful accretion to our book value per share and return on average equity.”

Burrows added that Fidelis appreciated CVC’s longstanding support.

Daniel Brand, Partner, US Head of Financial Services and Co-Head of Business Services at CVC, stated: “As a founding investor, we are very proud of all that Fidelis Insurance Group, and its talented and accomplished management team, have achieved. We wish them continued success in the future.”

Sidley Austin LLP served as legal adviser to Fidelis Insurance Group in connection with the transaction.

Fidelis announced last week that it intends to rebrand as Pelagos Capital Insurance in this year.