Log In

Reset Password
BERMUDA | RSS PODCAST

Brindle set for return with new $2bn insurer

Veteran insurance chief Richard Brindle is set to head up a new $2 billion insurance venture on the Island.

Mr Brindle — former CEO of Bermuda-based Lancashire Holdings — will lead Fidelis Insurance Holdings, according to reports.

The new firm is backed by Los Angeles-based Oaktree Capital and other investors and — according to documents seen by Bloomberg — Fidelis aims to hold an initial public offering within five years.

Mr Brindle's operation can “capitalise on opportunities that neither the traditional insurance model nor the hedge fund reinsurance model effectively capture”, according to the document.

The Goldman Sachs pitch document said that investors will have the potential to exit through an initial public offering in three to five years if market conditions permit.

The document added that Fidelis “expects to pay low corporate income tax.”

The founding investors, including Oaktree, previously backed the London-based Lancashire, which was led by Mr Brindle until he retired last year.

Richard Brindle: Former Lancashire CEO is set to lead a new Bermuda insurer

You must be Registered or to post comment or to vote.

Published March 27, 2015 at 6:19 pm (Updated March 27, 2015 at 6:19 pm)

Brindle set for return with new $2bn insurer

What you
Need to
Know
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon