Travelers takes stake in Fidelis Insurance
Bermudian-based Fidelis Insurance Holdings Ltd has expanded its capital base with an investment from The Travelers Companies Inc.
Fidelis said the American insurance giant has made a “strategic minority investment” in the company.
Terms of the deal were not disclosed.
Hinal Patel, group chief financial officer of Fidelis, said: “We are delighted to welcome Travelers to our shareholder panel.
“Travelers and Fidelis are leaders in their fields, with proven track records in our respective markets.
“We believe that there will be opportunities to learn from each other and work together.”
Fidelis is a privately-owned, island-based holding company, which, through its subsidiaries, is a global provider of property, bespoke and speciality insurance and reinsurance products.
The company said it operates a “three pillar strategy” across bespoke, reinsurance and speciality, together with its fee income business supporting the three pillars, Socium.
It said the three pillar model provides Fidelis with diversified income streams which allow the company to target the most profitable opportunities across the insurance cycle.
Travelers, as the US company is commonly known, is the second largest writer of US commercial property casualty insurance as well as being the sixth-largest writer of US personal insurance through independent agents.
Fidelis said it was advised on the transaction by TigerRisk Capital Markets & Advisory and Willkie Farr & Gallagher (UK) LLP.